With the announcement or announcement of announcements of layoffs at bigger organizations seems to indicate it might not be. But if OP isn't looking for a FAANG job, then they'll probably be fine. My employer, who I don't represent here and so won't mention, is currently looking for positions to fill, so layoffs from FAANG is often to our benefit.
The real question OP is asking is the job market going to be bad in a few months.