I doubt many (if any) cuts are being made in EC2/EBS/S3/etc.
Be willing to do the boring, unsexy stuff that is at the foundation of the business. You'll never be the hotshot, but it's extremely unlikely that you would get caught up in layoffs like this.
It depends on your definition of hotshot. If you stay in the core part of the business and reliably contribute, your star will definitely rise and almost certainly be noticed in some capacity, even at the highest levels of the company.
You're not going to be the poster boy, and trade magazines aren't going to beat a path to your door for an interview, but if job security and absolute authority over your own environment is what you expect.. that's definitely on the table, even in the "boring" parts of the company.
This I've found to be especially true and take less time in any organization that relies on commissioned sales. There's an incentive for internal recognition in those environments that improve the calculus here quite a bit.
There are many teams in organizations like EBS/S3/etc working on the growth and next frontier of those services - but those teams are still far less likely to be cut in a layoff than teams doing similar work in riskier organizations. Why? Because layoffs are allocated from the top first. The reliable and profitable S3 org as a whole will be required to lay off far fewer people than the Devices org that is losing $XXXXXXXX/year.