I think both were true at different times.
At first, the war caused the economy to crash and raised unemployment. People who worked for Western countries were laid off as the Western companies pulled/were forced out.
But that stabilized after a few months. Russia appears to have done a good job of keeping its economy humming.
Now, if it was a small mobilization, it wouldn't be hurting the economy. But the sheer number of healthy young men leaving the Russian workforce is staggering.
200,000 left in the first few weeks of the war (
link)
65,000 killed in Ukraine (estimate)
150,000 wounded in Ukraine (wounded is usually 3 times the deaths)
300,000 callup of reserves
700,000 fled conscription in September/October (
link)
The World Bank says that the Russian workforce is about 71 million people. So that means about 2.0% of the healthiest people in the workforce have left.
Also, my pure guess is that the Russian defense and munitions industries are probably booming right now. They need every trained body they can get. But the mobilization seemed random and probably pulled a lot of trained workers out of the workforce.