It is disingenuous, at best, to equate collapse to "going back to the cave age". If your house's roof collapses you do not end up in a cave. You either pay a small fortune to have it fixed or, if you lack the wealth to do so, sell it at a loss to someone who can.

Tech/IT is too valuable to be ditched altogether, so we are not going back even to the 80s or 90s. But collapse is appropriate for the kind of lean times ahead: companies getting bought on the cheap, investments evaporating, projects shelved, jobs (or even careers) lost.