Anyone else seeing the 'strategic realignments' translate to empty desks?

They keep talking about 'strategic realignments' and 'efficiency gains' in the all-hands, and frankly, it's starting to sound like corporate speak for 'people are going to lose their jobs'. I've seen a few familiar faces suddenly gone from Slack, no big fanfare, just… poof. And my manager's been super cagey about future headcount, just saying 'we're evaluating needs'. It's making planning ahead impossible. Anyone in departments that have gone through these 'realignments' actually see any layoffs happen? Or is it just a lot of shuffling and belt-tightening for now? Feels like we're on the precipice of something, and it's not necessarily good.