When I finished in 2006, there was a real vacuum in the developer space, presumably because everyone got the same advice I did, and jobs were relatively easy to find.
By about 2008 there was just no one. We had open developer positions for months with zero applicants.
I have seen vacuums and gluts come and go.
My advice is just if you are interested, go for it. The market will come around.
Tech jobs are definitely coming back. I think more than ever before.
This, I think, has an incredible potential to advance the economy, and will require A LOT of programmers, AI/ML engineers and sysadmins, most in places where there is almost zero need for them today.
OTOH those who went into the master's program in 2002 were fine, they came out a couple of years later when the market was hot.
Find some specialization/niche you're interested in software wise, and start learning + building in public about it.
Engage with the community of said niche.
After several years of this, you should be fairly well known and have a blog/GitHub with content that suggests you're not entirely inept
Then use your network to get a job in said niche
This is a very different and mostly non-overlapping skillset compared to focused product engineering at a company. I believe it's a good way to get you there if you have the time and drive to develop those skills. But then if you do are you going to be satisfied with the prize being a job where you don't use them?
I'm not discounting this as effective, I just don't think it can work for very many people for several different reasons.