We are on the up point in the cycle, it will go down again
Anyone who has worked in IT for a while knows that problems make IT relevant, when everything is working as expected & ticking over without any issues is when management start eyeing up the IT dept and the "Inflated Salaries" with an eye to shaving something from the budget.
I'd guess that before the end of 2022 (barring further disaster) there will be more and more articles bemoaning the short sightedness of employers who are cutting IT staffing.
Happy to be wrong but experience & more than one redundancy round makes me think I won't be.