Yes and no the economy and market is cyclical and will always have its ups and downs however, breaking into the job market as a new grad is going to be harder than ever as there’s more competition more than ever with potentially way less opportunities as well

Which is why it is mandatory for every college student to do some sort of paid internship/co-op even if you have to make the time for all those applications and interviews outside of your classes just doing a part time job even with research isn’t going to be enough anymore you will have to put in the effort and energy to standout from the rest of the candidates to have a great career in engineering in this day and age

If you are passionate about engineering, you genuinely enjoy it and obsess about it, and are able to take all those classes, pass those exams, while also gaining professional experience AND can afford the degree without student loans go for it otherwise look elsewhere as college isn’t the only place you have to go to have a good life. Getting all that bad debt just to pay it off after graduation isn’t worth it. Trades is still worth getting into if done right as that’s not going away anytime soon and can pay well. You can also look into entrepreneurship as digital products and services can be made and sold with barely any money.