Large layoffs are rarely, if ever, performance anchored at the IC level. They're anchored in the performance at product/unit level. So the major decider for layoffs is whether you're working on something that is deemed as business positive or not.

You mistakenly assume those making the lists of employees to be fired actually know, or care, about quality of said employees.

The best talent is often the highest paid and that gets factored into these decisions as well when the company is trying to hit specific budget targets.

And this is the sort of thing that can be especially problematic in creative companies when the layoffs are being run by bean-counting executives who have no presence in the day to day work of ICs.

Will top talent get sacked at Pixar? I have no idea, but as a 50 year old tech worker I've seen a number of layoffs first-hand and have heard anecdotal reports of dozens more that lead me to the conclusion that being among the "top talent" does not make you immune when it comes to large belt-tightening layoffs.