In general yes, but in practice housing prices are down big in a lot of areas and still falling. Decisions happen at the margin, which means it's the marginal home owner who lost their job and has to sell, which pushes up supply at a time when demand is very weak - and that's your lower prices.
But it's very regional. Some areas will continue to see rising or stable prices.
That's the big problem. You can find cheap housing easily, but not where most people want to live. The problem could even get worse if there are fewer opportunities, but they remain concentrated in the Bay, NYC, etc.
Different world post-covid. Lots of people are willing to live in the middle of nowhere to buy a house, they just couldn't before because they needed to live near major job markets. A lot more people are able to work remote now.
I'd say that it changes the situation a little, but not everyone is able to work remote yet, so there's still the draw toward large city centers like you say. But personally I've met plenty of people who ditched their big city for the midwest as soon as they got approval to go remote. When their companies told them to go back to the office, they quit and found another job
But it's very regional. Some areas will continue to see rising or stable prices.