50 miles is a US government defined "commutable distance" (I was just talking about this at work with a human resources person, but unfortunately I can't recall what agency defined it as such).
An agency may prescribe a mileage radius of not greater than 50 miles to determine whether an employee's travel is within or outside the limits of the employee's official duty station for determining entitlement to overtime pay for travel.
If it is really two hours by a reasonable route then you likely have a case that the commute is unreasonable and you would not have taken the job without them paying moving expenses if it offered that way. Therefore they need to offer moving expenses. I'd ask the boss first as they may have contacts in hr that can handle this.
If they won't offer moving expenses odds are you can convince an unemployment judge this is an unreasonable change in working conditions and so you can collect unemployment. (A lawyer can give more detail)
It is enough to survive if you cut back, hopefully long enough to find a new job.
If it is worth that risk is up to you. I won't call you stupid for not taking it. You can also accept it for the moment and start sending out resumes while working. It will take a little longer but there are other jobs.
There are large offices is nearly every major city in the world. On my team, two are in Canada, one is in Singapore, and another in India. All fully remote.
They chose 50 miles because it’s big enough to cover almost everyone. I’m within that but my commute is two hours one direction.