One positive is that all these high-level laid off engineers are now going disperse into all kinds of smaller companies and inject life back into the startup world.
For the last decade Google, Meta, et.al. have been sucking the power out of innovative ideas and mostly killing them off if they didn't deliver at the scale they operated at.
Remains to be seen if those people haven't been "transformed" too much during their FAANG stay. You can't build a successful startup while expecting to have Google's infrastructure and best-work practices from the very beginning.
For the last decade Google, Meta, et.al. have been sucking the power out of innovative ideas and mostly killing them off if they didn't deliver at the scale they operated at.