It's been 20+ years since I was laid off when the first internet boom collapsed. I got a decent settlement, spent a while experimenting with self employment, and got another interesting full-time job which lasted for years. I'd rate the experience as significantly less traumatic than my first relationship breakup.
But yes, the first time you experience redundancies regardless of whether you're made redundant or survive is definitely an eye-opener. It's like those financial disclaimers "the value of your investment may go down as well as up". There may be very little warning. It may even happen at a time that's very bad for you personally. And it does break trust among the company.