I think the question provided the answer. The market is being flooded with ex-FAANG developers and it is no longer a job seeker's market. In today's environment it is a LOT harder to get hired by anyone, let alone a FAANG company. I know really good people who have been out of a job for +6 months now.
Based on past history, now is not the time to shoot for the stars, but to start consolidating your base and preparing for the next upturn.