The issue with a single engine CPL/IR license is that it isn't that much cheaper than a multi-engine one. Yes, it does give you a decent amount of recency if you later go onto do it ME which a lot of airlines look for, but the overall cost is going to be notably higher unless
parkfell knows more than what I have seen related to costs.
The market is still in an incredible state of flux. Nobody can say with certainty how much demand there'll be next month, never mind in 18, 24 or 48 months' time. That said, I don't think now is a bad time to start as long as you give yourself flexibility (i.e. go modular).
I don't agree with some of the comments above (especially the one referring to 2026 and the one about all airlines getting rid of recruitment staff for the foreseeable* which were both made last year).
Some airlines will always go for cadets as they are far more profitable for the airline. You can't just say that because there are hundreds of unemployed FOs each with a couple of thousand hours in one country that cadets with the bare minimum will never be hired in another country. That's just not how it works.
Then you have the effect of people being sucked upwards/ onwards as the Middle Eastern and national carriers start hiring. We've already seen it start to happen. That creates a vacuum at other airlines which needs to be filled.
Since 2020 a lot of pilots have retired or moved on and simply won't come back (as sad as that sounds).
Obviously the current situation isn't all rosy, but it is hardly end of the Earth style doom and gloom either.