Yes, it's awful. I applied to 60 companies and got 3 responses. I have a background in big tech and applied to mostly large and medium sized tech companies.
That's half the response rate I was getting years ago when I was trying for my first job with no internships and a non-CS STEM degree from BFE Midwest Liberal Arts College.
I truly graduated just 6 months too late, apparently.
I'm used to >80% callbacks. Before the pandemic that was standard.