It depends.

- It's unclear if the layoffs hit software engineering, or if it's mostly business roles.

- Engineers from FANG (or whatever the acronym now is) aren't competing for all the roles out there. They generally aren't looking to join banks/insurance/telco or what they would consider "boring" roles.

If you are looking to join a cool well paying startup in SF, then yes, I imagine the competition is extra tough right now.