If people held then they lost nothing, but trying to use their homes as investment vehicles did not help many.

This is the case, but many (as you said) don't own, they are essentially renters and if they can't pay the mortgage rent, they get evicted.

I have been lucky with real estate in Finland, but not so lucky with the timing in Australia.

When it comes to crypto winter, I am confident at this point that even doing nothing, I will come out the other side better off than those who panic.