Confusion regarding Hedging long futures position with puts

If I have a long stock futures position(say @1150) along with protective puts(say 1120 PE), and I don’t have any free cash apart from that, and then afterwards there is a massive fall in the stock price(say upto 800). Will margin calls get triggered & long futures position get automatically squared off?

Follow up question if the answer to above is yes-- Say I am unaware of all this carnage and after the massive fall, things get back to normal & prices get back to higher levels. Then is it not utterly foolish to do hedging with puts coz, I will lose money on both long stock futures (which has been squared off automatically at lower levels) & the put option(which has not been squared off & which has also lost its value now after the bounce back in prices)?
Also is there any other stratergy to do hedging that does not have this loophole?

This is called range bound fluctuation. If a stock goes high no issues. If goes low no issues

But if it fluctuates these strategies need active monitoring for playing defence

Otherwise u will be jam compressed by long and short of the same stock