Absolute numbers are probably less interesting than the % change. If you're getting a 5% hit rate but you used to get 20%, that implies that someone who used to get a 5% hit rate is going to have a much harder time.

I'm not sure the relationship is strict enough that the formerly 5% hit rate engineer is now going to see 1.25%, but my guess would be that they'll at least find things a lot more difficult.

I'm sure it varies quite a bit depending on role.

Before the market change, for senior engineering and eng management positions, the ratio was 1:1 if the person so wished. My whole career was exactly that: 1 application, 1 offer, always.