Sincerely, yes.

A lot of talented people are struggling right now, but could take the time and energy they're spending on fruitless job applications and devote it to some modest-scale side project with commercial potential.

Worst-case scenario, you get an interesting portfolio project and something to talk about at a future interview. Possibly, you get something that pays the bills and avoids having to deal with everything that's gone wrong with tech hiring.

If you've been laid off from a technical role, you probably came away with enough knowledge to build a competing micro-service.