Why mass layoff happens mostly at product based company, and service based companies have big heart to keep not working people on bench without laying off.

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This is not true lol. Service based companies also layoff people

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Product companies hire aggressively in the beginning to develop the product. Once the product has reached maturity stage, the number of people required to maintain it and update it is far lesser. So, only few people are retained and rest laid off.

On the other hand, service based companies have to continuously sell projects and deliver. More projects they sell, more people they need to deliver them. This doesn't mean that service based companies don't fire people, they fire bottom performers every year but they keep hiring also so that they have enough people to deliver projects.

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Not all product based companies, only the companies running on funding, not on profit. Coinbase has faced crypto crash and not much profit going on. Why Indians and India media, make news out of nothing

Correct @Accenture1.... And as what i think service based Companies even have job security more than product based . Because at least you have chances to move project and getting projects call from different projects on bench and if anytime we feel like we are on bench since a long time and company is forcing to take project then you can take atleast any skill projects and after getting you can try to upskill on that technology so at least we can save our job in worst cases in service based.
But in product based we don't have much chances to change project and we don't come on bench and directly remove from project or lay off

So in my case I am preferring service based and my experience was not good product based.

Rest all depends on individual what he/she prefer.

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