Thousands of 404 errors
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Hi Dexter,
Very interesting one indeed! If it was me I’d look to run the site through Screaming Frog and also do a Google site:yourdomain.com search to ensure none of these fake URLs are being indexed.
If they aren’t indexed then you should be pretty safe According to this: https://www.seroundtable.com/404s-google-quality-signal-23568.html
Alongside the custom 404 page mentioned above, perhaps you could consider creating an automatic rule that redirects any broken links direct to the homepage?
Hopefilly these ideas provide some further food for thought

Cheers,
Casey