Sure, now I know my job isn't 100% secure and maybe I'm less inclined to go above and beyond, but I'm sure they'll address that by having bigger "differentiation" in pay between top and average performers.
I'm not sure this is "for the most part"
Sure, FAANG may have had this notion (or at least FNG; not sure if the As ever had), along with the sort of religious/dogmatic "drinking the koolaid" type culture they were trying to instill within their employee-base (helped to no end by outsourcing large portions of their sales operations so they'd have a smaller core to "spoil").
Thinking of BigTech more broadly though, & especially big old enterprise-y tech like the IBMs, Oracles, SAPs & telcos, layoffs being arbitrary & indiscriminate seems like nothing new.