It wasn't covid - it was the post-covid coming down from all the free stimulous and ZIRP. The Russian war in the Ukraine is a much closer market to when the economy started tanking for devs.
if not for covid, the zirp era would end more gently. covid overhiring was the last hurrah for companies to use the low interest. if not covid, there wouldn't be overhiring and subsequent firing
the market would be as bad as now (or dare i say, *normal*), but it would be stable bad, not whiplash.