I did ~11 applications (on company websites, tailored resume), of which like 9 were moonshots (NVDA, Valve, etc). I heard back from everyone, and then interviewed and accepted an offer with a smaller international company located locally. This was during the 2023/4 downturn (Dec '23 to be exact).
Caveat: I have 15YoE and work in embedded (especially embedded Linux); it seems this specialization has suffered less than others. I also don't have a degree. I had to accept a slight paycut and hybrid - but I was in office before... and hardware generally just requires you to be present sometimes.
Don't be afraid if you don't have a network, the advice is good, but it doesn't apply to everyone.