People are trying to minimize it with comparisons to the dotcom crash or 200X market crash but the circumstances now are unique and no one knows the future.
You can try to send out some resumes and see where they go but unless you have strong pedigree, high level senior, or connections expect to be disappointed.
Ignore the articles. In the worst times of the dot com bubble burst you could still find interesting jobs. The aggregate is the aggregate and you are you. These are somewhat weird times but the companies are piling in money and will need to find ways to put it to work. AI not taking our jobs any time soon.
In the old days, one could prep while on severance. But those seem to be becoming. Less generous and in some cases being skimped on through shenanigans.