I am sorry that you and your friends have been faced with this reality. My eldest Trained at Tring on dancers course and the dancers route is even more brutal than drama/MT I believe. The girls in that year have really struggled to find anything other than ad hoc bits and bobs (one was very fortunate and got into top company and never looked back) of course not helped by the fact they graduated in Covid times! My eldest had injuries and surgeries and ended up in a completely different career but the skills learnt from the training in dance have been invaluable and they are absolutely flying in their new career.
We also know of some who have absolutely excelled in performing arts - worked non stop since graduating going on now 4/5/6 years, international tours, national tours, west end etc. I hear you about diverse casting but the ones we know are not that. However, those that have been and are being successful are crazy talented - each one being jaw droppingly gifted and they have all come from the very top schools.
I guess what I am trying to say is that they must go in with their eyes wide open, have an alternative way of making money, know that chances of success are very slim but that some do make it and if they are talented and lucky, it could just be them - however, talent alone is not enough. Resilience, incredible work ethic, finding work opportunities and a huge dose of luck are all required. But also know, there are other career opportunities out there that their training will be invaluable for - that resilience, maturity at a young age, ability to take criticism, fight against the odds, determination, drive for perfection and work ethic are skills a lot of non Performing arts students don’t have. Life is short, they may as well chase their dreams. Success follows many paths and we as parents just have to be there to help them negotiate their own journeys.