A lesson learned in other markets applies here: you can avoid a race to the bottom by effectively competing in one of the many dimensions other than price. If you don't want to be a commodity, you have to be able to answer the question of what is the one thing you do better than almost anyone else, and sell that. Geographical proximity isn't a great answer in a market where everyone is going remote. It doesn't even need to be technical in nature for a developer.

Different companies place inordinate value on different things, so it is partly a game of matching your exceptional dimensions to companies that place a lot of value on those dimensions. How many people here are using the cheapest laptop that will technically do the job? The developers that are at risk are those that are "average" in every dimension that an employer might care about.