If you're on an H1B doing basics terraform scripting or maintenance work, your job is already in the process of being automated using a CodeGen tool being monitored by a senior engineer (be they located domestically or abroad).
If you a new H1B employee working at GCP's Sunnyvale office, you will most eventually be transferred to an office in India, Canada, and maybe the UK.
In neither case is new grad and early career hiring within the US going to pick up. And if you have been unemployed for an extended period (more than 6 months), well I'd recommend reading PG's article about building "Ramen Profitable" startups.
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The H1B market in software is bimodal with mass consultancies like WITCH (India), EPAM (Eastern Europe), and Globant (LatAm) who are overwhelmingly screwed because their business model is messed up, and you have people on an H1B who are basically working at a FAANG or FAANG equivalent and who are earning the same salary as citizens - these companies already began the process of offshoring 3-5 years ago when remote work kicked in because much of the CEE and India began giving massive federal and state industrial subsidizes to open offshore offices in IT Parks (and had been doing so for decades).
Short term it's a headache for companies with a large OPT-to-H1B pipeline and they will most likely do mass layoffs or push people to work at GCCs abroad - just like during COVID's early days. Long term, this only continues to incentivize offshoring because now you have a tangible upfront cost you can project and model on ($300k per employee minimum) and compare against the Section 174 impact.
My bigger question would be - if you are an H1B who was born (not necessarily a national) in China or India, why would you even make a large investment like a house or a condo in the US? Best case you are already looking at a 15-20 year backlog just to get a Green Card, and the cost to keep someone on an H1B in the US is a wash compared to hiring abroad if your salary is breaking the 6 figure mark.
