It kind of goes both ways. For more commoditized and interchangeable jobs, prior locality helped by restricting the pool of available workers employees could hire - then globalization devastated whole areas or even countries by taking jobs elsewhere.

For jobs that had more demand than supply, like development, though, where most of the best employers where geographically confined, it worked the opposite way: it opened up the pool of available jobs to employees, whether inside the US or Europe, or from the developing world to the west, etc. Suddenly you didn't need to move to a handful of big cities to get a top tier job. And even if you already where in San Francisco, you perhaps move to a place with lower rent, work from home, and keep more of your money, while still visiting the office once in a blue moon (which could be months on end during covid).