That's a bad strategy unless your highest priority is to avoid work. If you want to make more money or have more stability, you will absolutely do better on average if you do more than the minimum. While high performance does not guarantee security, and management doesn't always make the best choices about who to let go, the "do the minimum" people do tend to be the first to go. You don't have to outrun the bear, you have to outrun the slowest guy running from the bear.

Ok, maybe it's excessive, but surely going the extra mile when the relationship do good work <--> job safety is broken is something, at least personally, I won't do.

The bear is hungry and laid off entire divisions.

I'm not saying it's guaranteed to protect you, I'm saying that on average you are going to come out ahead. I've been in the industry 30 years. I've seen all kinds of good and bad management, firings, layoffs, promotions, and attrition. When you excel at your work, the odds are very good that someone will notice. Even if your boss does not, your colleagues likely will. That turns into strong referrals, which helps you find better opportunities whether or not you get laid off.