Probably the opposite actually. The first victims of a recession will be consultants. The agency in question is probably used to much bigger clients, but was willing to do something much smaller because the sales pipeline dried up. And then they brought a heavyweight approach to a tiny project and failed.
The heavyweight approach is absolutely mandatory when dealing with larger corporate clients or when you're trying to really bring something unique. You may be surprised who hires agencies for this kind of stuff, because past agencies had keystone accounts worth millions per year from giant tech companies like Microsoft, Apple and Google. They don't ask to put a template on WooCommerce, they ask how to find, engage and retain new customers and differentiate themselves from everyone else.