False, don't fall for those tabloids that always predict doomsday for Engineers.
Sure there are a lot of Engineers graduating but if you actually taken look at the career prospects, the opportunity for a placement is massive, everyone I knew who put in little effort were able to land jobs with Mid-tier companies.
Plus not everyone who graduates with an Engineering degree will work as an Engineer for the rest of their lives, a lot of them branch out to Business (via Masters of Business Administration), finance, data science etc.
I don't know about you guys in Europe, but here in North America, Engineering is a protected title, so people have to be careful calling themselves "some sort of Engineer" since legally they can get prosecuted