Alphabet's revenue is a mix of hardware, online store, web services, and ad sales. With a global slowdown -20% is probably in the ballpark, although it may take a year for the effects to accumulate and ripple through.
Roughly half of GOOGL's opex is R&D, so I would expect some cuts in that over the next year or two. Maybe also in the more exposed parts of sales and marketing.
revenue today (or in the shorter term) is always more valuable than revenue 10 years out. put it a different way, what if there's another "act of god" in a few years? the probability of an extreme event occurring within a discrete timeframe increases as your timeframe gets larger, thus your certainty in revenue projections should decrease as you project further out.
Revenue 0, Margin 20, Profit 0
Margin is only helpful if you have revenue, this will hit Google and other ad based companies hard (though google probably has the cash to weather it), Amazon will be fine and may even benefit.
Eventually the inflation will leak to the Main Street, and that event will correct the asset prices by pricing them against the inflated goods in inflated dollars.
Facebook and Google are both down more than 20% from their recent highs (along with the rest of the market, of course).
No one thinks that a recession is any kind of existential threat for either of them - they both have plenty of cash and fat profit margins.
And if anything, both companies are positioned to emerge from the pandemic in a stronger position than they started - with fewer competitors, more users, less expensive competition for talent (* whimpers *), and acceleration of long-term societal trends that benefit them.
Investors are not going to take their eye off the medium-term future of these companies because of an expected few poor quarters for very well-understood and temporary reasons.