"1) find it now, because if you are layed off you have a stigma attached to you whether deserved or not"
That's simply not true in most cases. If you're young, companies know the situation and would take advantage of being able to bring on lower paid people. If you're older, there are two categories. A good portion, probably over half the older population, are mediocre performers and are still working at Xerox because they are not capable of finding something else, or don't have the desire. A smaller portion of the older population are good - really good, and are still here because Xerox values their contributions and pays them well. Those people would have no problem finding a job, as their skills and enthusiasm is clear during an interview, though I expect most in this segment would have to take a benefits cut as they probably were overpaid.
"2) depending on where you live, the market is saturated already"
If anything, the pandemic has proven that working remotely is actually easier than senior management thought. The really good people can find a job local or by working remote.
"3) companies are outsourcing, especially software engineers"
To some extent. I see more long term maintenance, and cookie cutter projects being outsourced. For anything new and innovative, it's generally done in house. Not just at Xerox, but many companies. If you outsource to India, you are not going to get the same skilled engineers as here. But if you know what you need built, it's already been designed, then this arrangement can work.
"4) speak to colleagues who held similar roles, asking how long it took them to land somewhere"
It's going to vary based on your skills and capabilities. Top notch people can find a job. If you are a moderate performer, then you'll likely have a harder time convincing another company you're bringing something to their table.
"5) check your age - companies prefer younger hires as they are perceived to be cheaper and more motivated"
Yes and no. I expect most jobs, such as software jobs, companies want warm bodies who are capable and trainable. Other sw jobs though require specialized knowledge and skills, that a young person doesn't have experience with. They may want to bring in people to lead projects that they don't have experience with.
Bottom line, there's a difference between thinking you can get a job, and knowing you can get a job. Make and keep connections, keep dialogs open with recruiters, other employees, executives, etc ...