fellowship can be worse, if competitive. Most programs prefer in-house. At least CaRMS is transparent about how many spots and how many applicants apply. A lot of fellowships don't tell you how many people apply there.
jobs can also be tricky for specialties with weak demand. Again, either in-house or local connection. A lot of times lucky timing (old staff just happened to retire). Personally I know residents who waited from R1 to R5 for an old guy to retire and it still didn't work out lol.
For jobs, some posted jobs are "ghost" jobs. Aka they already have someone in mind but for admin purpose they have to openly advertise it.
It all depends on which specialty, some have so many jobs that you get tired of recruiters. Others have so little jobs people do 2+ fellowships.
Job market can also change fast, especially in small fields. When I was late in residency before COVID I was cold-emailing places trying to find jobs. A couple of years after COVID I was getting cold calls from places desperate to hire. Go figure.