This assumes all roles at the company are equally able to exit the company in the midst of a global pandemic and find opportune work with the same growth opportunities, salary, and locality.
I was recently laid off in tech and I flipped the "I'm looking for work" switch on linkedin and got literally dozens of messages from recruiters every day. I ultimately got a job that paid 10% better than my previous job, and I rushed the decision because I had only a small fraction of the severance that coinbase employees are receiving. Even with the "looking for work" switch toggled off, I get several messages from recruiters every day. No doubt our industry is affected by COVID, but there's no shortage of high-paying work.
I work in analytics so have a wide range of customers - it's definitely up and down depending on the industry and I'd argue it's net down, but not if you are experienced / have a specialization.
Ecommerce is booming, but you're not likely to get a job in support/services which is likely already filled with experienced folks at most companies, and isn't likely to churn in a pandemic.
There are a lot of pockets like this, but they mostly benefit software engineers and more experienced roles. It's pretty common on HN for folks to assume that everyone has the role/job fluidity as your average tech person, or worse, your average software engineer.
Lots of folks "in tech" aren't really deeply into tech, so it's even more difficult for them to navigate a chaotic time.
I have definitely been seeing a decrease in some FAANG spots. Things may have started to ramp back up, but I believe there were several companies who put blanket freezes hiring for certain levels.