How “Serious” is the Core Web Vitals update? All my competitors have the same results

I know that Google algo (publicly released) updates are just recommendations but how "seriously" are you taking Core Web Vitals update May 1st?

This is a rolling-update spread over a month, but my question is this: all our competitors (we are in mass/large-scale eCommerce) hover at the same bad results, basically all performing "badly" in the results (GMetrix and Google PageSpeed)….

Now, I know that there is a difference between "Lab" and "Field" data but still – how seriously should we be taking this?

We rank for half a million keywords and I can’t imagine us being knocked down the rankings because we score low on a lab-testing machine?

What are your thoughts?