What we're talking about is a sort if hybrid between a Tech Lead and Architect, but not quite like either. You have less direct responsibility, but people come to you independently with questions and review requests, because you can quickly generate detailed and accurate answers.
I've never been hired because of my resume, though that definitely helps with an interview. There was always a skills test.
I suppose you could grind leetcode or otherwise cram for a skills test, though. You definitely have enough time during the week.
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You are more likely tasked with things that require spinning your wheels. Boring, pointless, and directionless work that doesn't challenge you. It just melts your brain.
While you can't work on many projects - due to IP rules - you can often improve your skills and learn. Do you have a personal improvement/education budget? Use it to take relevant courses, buy books, etc. Do you have an equipment budget? Use it to upgrade to the ergonomic keyboard.
The worst case is you still get laid off but now you have things you can take forward. A better case is that you find another role at the company with the new understanding.
Either way, follow the policy exactly. Don't screw around and give them grounds to fire you.
I don't miss my Silicon Valley job, though...
My understanding has always been that the line is simply to do my own projects on my time with my hardware.