In the simplest terms yes. It's of course more nuanced than that, but to your question of downward displacement (both in seat, equipment, and yes even domicile) you got the right idea. Like I said it's nuanced, because there's also fleet capacity shuffling which affects the net effect of said displacement on an usually smaller fleet total than pre-furloughs, but again, you're in the ballpark.
That's why you hear some folks utter the words "there are worse things than getting furloughed", and they're not being ironic when they're implying not getting furloughed can be worse. Being the QOL/schedule plug in your late40s/50s is one such of those insinuations. A lot of people don't have the stomach for that kind of scheduling reset in what is supposed to be the highest grossing years of their lives, and usually their highest overhead years (for the ones with children who are hitting college). It's also the reason many late 40s/50s career changers stuck in the regionals when these musical chairs stop, decide to exit the industry outright. In essence, they don't have the luxury of time to endure that collegiate quality of life over the pedestrian opulent luxuries like weekends offs, that they could attain in their measly 30s in a different industry. Which is why when people say the job is not for everybody, I find it a heavily understated utterance.
On the other side of the silver linings spectrum, you had many mil pilots in the lost decade made absolute bank by attaining an active duty retirement they thought they had left on the table, by virtue of being furloughed. Coming back to airlines with true free agency courtesy of that check and lifetime universal healthcare well before the age of 65. Of course, a few decided the juice wasn't worth the squeeze after 7 years of being home every night in the ARC, and just bypassed the airline recalls anyways and never returned. Others did return for a little then bailed when it was convenient for whatever they had going on at the time.
How people cope with those lifestyle displacements in middle age is a very personal thing, since it relies a lot on people's life stage and what's going on at home, and the composition of the home of course. Good luck to all.