Any layoff sucks and this is increasingly one of the worst possible times to be underemployed in tech.
But as far as layoffs go? This seems pretty "good". 60 day notice to search for new positions (internally or externally) while still employed by Google. Even if Google wants to fuck them over, any manager of basic competence knows to not put critical path work on the person who has already been fired. I don't know Google severance package details but I assume they are good?
And... one of the reasons why this is a horrible time to be underemployed is that (whatever we currently call the) FAANG employees are pretty much set for life. If you have a FAANG-like on your CV you go to the head of almost every hiring pile. So if you are even moderately competent and likable, you have good odds of getting a new high paying job. And... Google is the G in that outdated acronym.