Think of life as a bank of genetic potential. An "extinction event" produces a bottleneck in the species "richness" that reduces (and simplifies) the bank of genetic potential for evolution. The age of dinosaurs was one extinction event and a bottle neck on evolution. But it was more than dinosaurs but also the plant and bacteria and so on complex web of life that was reduced in species richness. In 100 million years species richness recovered. For example redwood forests were once common and had been present for millennia. The petrified forests of Arizona were trees related genetically to redwood. The Ice Age of 10,000 to 13,000 years past removed most of the remaining species and range of redwoods. Now native redwoods only exist in a narrow range of coastal mountains of northern CA and slightly into southern OR (coastal redwoods) and in the southern Sierra Nevada (Giant Sequoia); both in areas spared Ice Age glaciation. But is was not just redwoods, it was insects and other plants and microscopic soil flora and fauna and so on that no longer exist.
Morty mentions below the cutting of the rain forest but urbanization and industrial agriculture impact areas that once had the highest biological productivity and species richness. Mankind will adapt and survive in human terms and human dimension of time. But the survival will be in an ecology of much less species richness (biological potential) that impacts human's ability to adapt and survive. The genetic bank does not recover in anything close to a human scale. The current human caused extinction event is occurring much faster than the other extinction events in the geologic record and is also irreversible in a human sense of time.