I'm going to pick some nits with this, but I don't personally feel comfortable making market predictions using historical norms as my basis, particularly for the technology companies and their employees.
That said, let me play devil's advocate. The fact that central Texas (and the state) has made commitments to manufacturing might mean that even a short national recession doesn't significantly impact local employment (in other words, the momentum to staff up these facilities and the smaller firms supplying them will continue to generate new jobs). Obviously most of this is east of Austin so it's not helping Lakeway homeowner's sell the Lake Travis living experience.
I'm not entirely sure of your point in regards to rental cash flow. Are you saying that new investment buyers in this market aren't cash-flowing? Pretty much all of the investment portfolios I've reviewed in which the purchase was made pre-'21 are cash-flowing, sometimes a lot. As far as price drops, I'm just not seeing it in anything under $400K and I think there's sufficient demand from owner-occupants in the $400K-$600K range that prices have been sticky. Anything more expensive than that purchased for pure investment has been mostly confined to short-term rentals.