Training budgets slashed and mandatory 'upskilling' focus

I'm seeing some really aggressive cuts to external training budgets across the board. My manager just informed me that our allocated funds for professional development conferences and certifications for the rest of the year are gone. Instead, we're being pushed towards these new internal 'upskilling' modules that feel more like busywork than actual skill development. It's framed as 'strategic investment in our current talent,' but honestly, it feels like a way to avoid paying for external development and maybe, just maybe, to assess who is 'essential' if things get rough. Anyone else in R&D or a similar technical field noticing this shift?