I don't necessarily think it's back to square one. One doesn't have to settle in a big city.
I moved out of London when my first child was due. We moved to a mid-sized (250k population) European city. I was able to find work, in an unrelated field to my previous experience but still using similar technical and management skills. The remuneration is less than I was earning in London, but the cost of living is significantly lower too.
This was a lifestyle choice and the environment is much better, in my view, for raising children. Only my view of course, but in this case "better" means things like more green space, less pollution, less crime etc.
It's not been 100% plain sailing. I have had to overcome a language barrier (not fully achieved that). I do feel culturally adrift sometimes. And Brexit seems to be trying to screw everything up.
However, I still don't feel like I'm back to square one.