What I'm really talking about when I'm talking about the threat of extended unemployment is the threat of losing socioeconomic class. So much depends on class: where you live, what you eat, where you worship if anywhere, where your kids go to school, who your friends are. Almost everything. It's very difficult to diversify your social and professional network outside of your class.
In most cases switching from one tech job to another will keep you in the same middle-to-upper-middle class even if you have to take a relatively large pay cut. You can even lose your job without something else lined up and it's not a big problem as long as you're confident you'll find something similar soon.
All of that is at risk with extended unemployment or being forced to indefinitely work for lower pay in a different field. Consider all the life changes someone might have to make if they have to change from being a software developer making $150k to being a rideshare driver making $40k, after six months, a year, or five years. I don't know about buggy-whip makers but probably they'd be okay with losing their jobs if they were guaranteed equal work in the new car factories. What they really dreaded was having to work for less pay in the new factories, or becoming day laborers or similar. This is what motivated the original Luddites.
In most cases switching from one tech job to another will keep you in the same middle-to-upper-middle class even if you have to take a relatively large pay cut. You can even lose your job without something else lined up and it's not a big problem as long as you're confident you'll find something similar soon.
All of that is at risk with extended unemployment or being forced to indefinitely work for lower pay in a different field. Consider all the life changes someone might have to make if they have to change from being a software developer making $150k to being a rideshare driver making $40k, after six months, a year, or five years. I don't know about buggy-whip makers but probably they'd be okay with losing their jobs if they were guaranteed equal work in the new car factories. What they really dreaded was having to work for less pay in the new factories, or becoming day laborers or similar. This is what motivated the original Luddites.