There’s no question that real estate is cyclical and that its ups and downs impact architecture firms, however my observation is that a career in architecture isn’t necessarily high risk economically.
The downside of architecture is that the combination of getting a professional degree and going through the licensing process can take 10+ years. Entry level positions are paid in the $40 to $50 range, which is liveable but less than other professions like law or medicine (I’m not sure about engineering) and certainly not as much as finance or tech.
After becoming licensed and gaining more work experience, an architect can earn in the low to mid six figures at a medium to large sized firm, not a get rich quick scheme but comfortable.
Most of the architects I know (including my son) really, really enjoy the profession. It’s a convergence of art and commerce, with some science and technology thrown in and an overarching culture of collaboration and client interaction. Not for everyone, but those who like it, seem to love it.