Is this not the same question as "Do you currently have a 2% withdrawal rate?", with a few caveats..?
Personally, no, we don't currently have a 2% withdrawal rate, but we will collect a very good pension in 5 years and another, smaller, one in 7. We also hold enough cash to cover us for 3-4 years from now; some of that money is due to be spent elsewhere, but we can't spend it as intended while under lockdown, so it will be a de facto addition to our emergency fund until we can spend it elsewhere.
We could live off the first pension alone, with some excess-trimming from our expenses.
We therefore currently have 1 year to worry about, which we could fund even if markets went down 50%.
The question also pre-supposes that markets went down 50% and stayed down. The overwhelming likelihood, based on past data, is that the markets will go down and then recover in a couple of years. Even the awful stagflation decade, two World Wars, etc have seen the markets recover to where they are today.
Coping with a temporary 50% decline for a couple of years is easy to plan for, even with a current 4% WR. Coping with the complete and permanent death of equities would be much harder, but is much less likely. I'd not explicitly plan for the latter, but I'm confident we would cope if necessary.