Hiring managers: are you actually getting hundreds/thousands of applications per open job?

So, I'm a mid-senior level systems engineering/integration type of person. I like my job, but I'm always kind of on the hunt to see what's out there. If you go on LinkedIn and look at some of the open positions, especially for fully remote which I'd love to find a good fit for, there are hundreds or thousands of applicants. One job I'm really interested in at Microsoft and seems tailor-made for me has 130 applications and has been up for a couple days.

- How can anyone ever hope to stand out against thousands of applicants? - As a hiring manager, how do you even sift through this many applications? Do you just do a lottery and the first lucky N people you pick get a phone screen? - What are some ways to get around this, if you don't happen to know anyone at the place you're applying to? Any tips from any jobseekers on beating the resume scanners?

Thanks in advance for your answers...looking at the landscape it just makes me want to not bother applying, even to jobs that seem interesting or need skills I have. I just look at this and say, "Imagine how out of luck I'd be if I didn't have a job I liked!"