Nearly all the layoff reports I've come across I hear about before they're in the mainstream media. Additionally I predicted months ago that we'd be seeing massive layoffs in tech, before the media was talking about it at all.
These layoffs are real, are atypical for what we've seen the past decade, and are impacting a large number of real devs.
Honestly I haven't even seen the media talking about it until the last few weeks. When I talked about impending tech layoffs back in Oct-Nov nobody outside of the tech community had any idea that there were any issues facing tech.
I hardly see how layoffs are being "played up" rather than just being reported.