Useful equation to remember when thinking about leverage, forced trading and impact on prices is X = L * (L - 1) * R. Here R is the return on the underlying stock/futures/whatever, L is leverage and X is the trade required to maintain constant leverage after a price move.
Completely agree. On the other hand, Archegos increased their AUM from $200m in 2013 to $10-15b in early 2021 without taking in new capital, which implies a lengthy period where the returns available from stock picking were significantly higher than the cost of funds.