Nothing good last forever. Not saying things won't eventually improve, but hey, maybe they won't?
Still, I think a lot of people treat being a dev as more of an identity than a career. Those with such identities will have a harder time adjusting.
Personally, I like to create and build things. I will try to continue to do so, if not as a dev, then as some other profession.
It's a lot harder to even get interviews now--I'm one of several people in my social circle that are having difficulty even getting interviews with referrals.
Projecting forward, things looks worse than the present and far worse than the past.