Murder, Military, or Megaprojects: The Three M's of Migrants.
This is absolutley correct.
In an average fort, I usually have very few dwarves highly skilled in workshop labors: barring moods, it's liable to be 1-2 carpenters, 2-3 masons, 3-5 craftsdwarves (Stone and bone), and a mechanic (7-11 total dwarves) plus members of other industries that I start up later like metal.
At maximum, I have "full employment" for 20 worker dwarves, 4 miners, 2 engravers, a broker/expedition leader, a bookkeeper/manager, a CMD, and about a dozen dwarves in the food production industry (A brewer, a butcher/tanner, and a bunch of planters) -- or just north of 40 dwarves
It's probably worthwhile, depending on the fort, to then have a proportion of your functional dwarves in Haulers -- between 25% and 100% depending on how far-flung your fort is, how many haulage solutions you employ, and how aggressive you are disabling hauling on more useful dwarves. Let's say 50% haulers (20 haulers for 40 dwarves: a bit much for many fortresses, but it keeps everything running SMOOTH)
After that, I find my full employment comes from the M of "Megaprojects!" builder slaves get masonry and hauling enabled, possibly mechanics or stone detailing if I'm using those skills. If they get masonry or mechanics, workshops that care about quality are profiled to take only skilled workers (the mason's workshop on Rock Blocks/R can take the dabbling slaves). I can use Close To an infinite number of such dwarves, who do nothing but assemble constructions, put up buildings, and haul shit -- but having them ups my need for farmers too. At this point, we've broken 80 and are getting sieges...
Then there's military, the need for which cannot be overstated. Well, maybe it can: a truly diabolical trap setup and some conservative construction will protect you from everything but above-ground titans, but dwarves that are armed, armored, and trained are a far more versitile way to defend a fortress from the goblin menace. Again, with some concessions towards increased infrastructure needs, you can literally eat up infinite dwarves in the fortress military. I like to keep 25% of my total population as active duty military (20 dwarves if my pop is 80, for instance)
A word of warning about drafting "junk" dwarves into the military though: Migrants can come in
families of significant size. You can conscript single dwarves only (the ones nobody will miss), conscript the entire adult family (So they "don't care about anything anymore" and/or "Took joy in a slaughter" when a loved one dies), or deal with a tantrum spiral when Urist McMilitaryWife the Megaproject Slave becomes Urist McMilitaryWidow.