If that senior FO over 3 years becomes a captain or even a LTC, then yes. Pilots with experience in many places are eligible also for other ground duties such as safety department, etc. Every airline is different.
When it recovers (and I doubt it will get back to the previous level), airlines will need to get pilots that can be qualified or re-qualified quickly. That's hardly the case with cadets.
By all means, go ahead with your training and do it modular, and keep an eye on the industry and act accordingly.