Should I hold on or quit?

Single / Mid-late 20s / Reconsidering everything.

I had spent the last 5-6 years only focusing on school and work, making sure to always be best at everything I do just to find out that even if you graduate with the highest possible honors getting your foot (and keeping it) in today’s job market comes down to getting lucky and/or working for crappy companies. I graduated a little over 3 years ago and have had 2 jobs since then, for a total of only 2 years work experience, and a year or so being stuck in a perpetual loop of anxiety due to not having money to do anything and applying 20 jobs daily, with receiving equal as many rejections.

I am currently employed, but at the cost of working for a horrible employer that will likely refuse to pay my severance, refuses to give employees PTO, gaslighting people, amongst others.

I regret accepting work with this company. I regret spending 75% of my waking hours during weekdays commuting to and from, and working at this company, and the remaining 25% making up scenarios in my head whether I should report them to labor departments, sue them, and various horrible things which I don’t want to type down.

But for the last 3 months I’d been applying other jobs with zero luck whatsoever, and I’m very close to a breaking point. Should I quit, or hold off until I find something else? Since my previous company went under it took me 6 months to find this job (and after graduating it took me 8 months to find my previous job). I wish I could have traveled during this year or so of job search, but of course as a fresh grad I didn’t have the money.

On the one hand I know how hard it is to find a job. That’s why I’ve been putting aside around 50% of my income and living off of as little as possible, for if/when things go to shit and to have for rainy days.

On the other, my friends who are still in school keep saying how we only live once and that making money now won’t matter at all when we’re on our deathbed. I completely agree with them. But I’m not in a privileged position where my parents can keep supporting me. I feel lucky knowing that if I get fired/become jobless I would be able to go back home, but at home I’d be jobless and penniless, so what’s the point of that either?

I’m really trying to look at things from a rational perspective, but at this point I really can’t. Any inputs are super appreciated.