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« Personally as a tech worker » I imagine?

I am pretty sure most non tech people around me would take the pay cut over the risk of becoming unemployed for an uncertain amount of time, having to find a new job, maybe moving to a different place etc….

You're not in the United States, I presume, or have never been on work visa! In the States most important benefits (like healthcare) are tied to your employer, no job means no health insurance. If you're out of job on work visa, then you either find a new job within (about) 2 weeks to sponsor new work visa or leave the country, abandoning everything you might have built. Unfortunately being unemployed, no matter your pay, is not an option for lot of people.

Are we talking standard layoff of 1-2 weeks of salary pay per year worked at a company or are we talking about the insane packages only FAANGs give? Because that goes without saying.

As an employee you don't have a lot of say in that decision.