From last time around: The people who kept pushing and took any job, anywhere turned out okay. This translated to a lot of people taking jobs below what they expected to get or having to move when they didn’t want to, but it was ultimately temporary.
The people I knew who turned cynical, let negativity take the wheel, and checked out of the job market struggled much harder to get back in.
You’re early in your career. This current period of turmoil doesn’t mean that much, even though it feels like everything right now. Keep at it, work a little harder than your competition, and put a little more care into your applications and it will work out. Stay away from the doom spirals on Reddit or Blind. Uninstall those apps (and others) if they’re making you worse.