Went through something similar a year ago w/ a restructuring. My team was considered essential and part of a high performing part of the biz. A bunch of people left and eventually so did I. Almost felt like it was contagious when coworkers were announcing they were leaving each week.

Probably won't hurt to look elsewhere and at least have an option. You can probably secure a nice pay bump too or negotiate for other things. My new company is fully remote and I moved to a new state. The old company was pretty set that we'd all return.