Risk depends on the market strength. In good times, you could easily jump to a new job with a raise in weeks and there's little risk as long as you're not outing youself at work.
In bad times like this, probably not worth it. The search takes months not, if not over a year, and there's a non-zero chance you're laid off anyway.
Weeks can be a long time if it doesn't work out. And that is, by your own comment, in the good times. The good times don't last forever. Upon some dice roll it is going to turn, and when that one doesn't work out now you could be looking at months or years.
Staying put isn't risk-free either. Not by any stretch. But is comparatively less risky. It is the devil you know, hence the lower risk premium.
In bad times like this, probably not worth it. The search takes months not, if not over a year, and there's a non-zero chance you're laid off anyway.