I will say as someone who's been involved in the hiring side, the 100s of applicants number is true but also misleading. Especially if you take public applications on linked in or someone. You'll get a lot of people who are unqualified, and I don't mean stuff like "3 years of experience and the req said 5" or "Only worked in scala but we're hiring for python devs", but rather "This person is a cashier and has not indicated anywhere they would have gotten development experience", or "This person is a fresh graduate applying for a team lead role".

Then if there are still too many to interview after that first filter there's the easy ways to cut down numbers further like "This person has no visa and has not started any visa process to work in our jurisdiction" or "this person's entire career is in a single tech stack that is not our tech stack while there's other candidates with our tech stack or a track record of adopting new ones". Could these people work out? Possibly. But it's an overhead that when there's extra candidates, they need something to stick out to make it onto the shortlist. If there's others that have all the same pros and an already valid visa/citizenship or the right tech stack, they'll get on the shortlist first.

After those two processes, the number of applicants per role are not that crazy.