Well, I've lived through both the housing recessions of the mid 2000's, a regional downturn in the mid 2010s (ended up moving to California!) and the pandemic "boom" that a lot of tech companies have seen wasn't true for every company in the sector, so I lived through most recently a COVID-19 related downturn in 2020.
In my experience doors closed on me because I didn't hit that "checkmark". In fact I remember interviewing at a company (who's name I don't 100% remember, I interviewed a lot in the 2010s and I don't want to call out a company by mistake) and they somehow missed that I didn't have my degree yet and halted the entire interview process after the 2nd round because HR couldn't justify deviating from their norms. I also was told by many recruiters at that time that it was the only barrier to me getting into their hiring pipelines. I eventually caught a break and wound up at Apple, but its because I didn't get hired through traditional means (right place, right time).
This has changed as the labor pool tightened, and by 2020 I wasn't in the same position anymore regardless, but those first two situations have always stuck in my mind about how hard it is to get hired when automated systems gate keep things. I since learned alot about how to work around them (without directly hurting your prospects) and through experience know alot more about networking (though I'm no expert), so I'm a little better insulated, but it was much harder for me than it was for my peers who all got their CS degrees early in their careers comparatively.
Ironically, through pure grit, luck (can't underestimate luck to be honest) and my own drive I've ended up being very successful, but it took alot more work than it would have otherwise, I think. I believe truly I would have reached this point earlier in my career (I'm a Staff Engineer now at a mid sized startup in Silicon Valley) and been better off for it.