Most of the laid-off positions, assuming these layoffs do take place, probably won't be developers. During temporary crises, companies prefer to lay off the workers whose positions will be easiest to hire back after the crisis has ended. Engineering positions tend to be hard to hire for, so engineers are usually hit less hard by these types of layoffs than other roles.

But your mileage may vary: companies also understand that one big cut is better for morale than lots of small ones. The current crisis is temporary but might last a long time, so a company that thinks they might have to fire engineers eventually, could plausibly pull forward that decision in an attempt to save the business.

Times are hard all around.