How can one reconcile your hypothesis with the recent employment statistics: https://www150.statcan.gc.ca/n1/daily-quotidien/210409/dq210...
There is a clear uptake from record unemployment.
Having a good work in your life is still more fulfilling than just leisure for most people, on top of that, you can afford more things. Yes, shitty jobs have trouble finding people. I personally see that not as a downside, but rather an upside of the whole thing.