They don't own or lease buildings the way other hotel chains do, or have their own maintenance or cleaning staff, so they've got to be losing less money per unit right now while everything is shut down. If some hosts over-extended themselves on mortgages for their rental properties and get foreclosed on, that's not really Airbnb's problem. They may even get bailed out by the government, which then directly benefits Airbnb.
And in the medium term, I think their booking rates might bounce back quicker than other hotels. In a world where the lockdowns have lifted but we're still recommending/enforcing social distancing in most places, which could last years, I imagine the demand to go and stay in a traditional, crowded hotel in Paris or NYC is still going to be pretty low. Business travel may not pick back up very quickly, as companies cut costs in the recession plus they've seen how meetings can mostly be done fine remotely. Massive conferences with thousands of people seem unlikely to happen for a very long time.
But people will still want some kind of leisure and vacation. Renting a house or cottage a couple hours away on a lake or in a small vacation town is a relatively safe thing to do where you can maintain social distancing pretty well, which is the scenario where I'm most likely to use Airbnb instead of a hotel.
On top of that, local governments have bigger problems to worry about than short-term rentals right now, so Airbnb may also get a couple years break from their constant legal battles with various cities.