Anyone else notice a dip in project scope recently?

Been here about 3 years on the product side, and lately it feels like major initiatives are getting scaled back or outright canceled before they even get off the ground. My team was supposed to kick off a big Q3 project and it just got de-prioritized with little explanation. Manager says 'strategic shifts' but it feels more like belt-tightening. Anyone else on the biz ops or product side seeing this? Is this a precursor to something bigger, or just normal Q2/Q3 budgeting stuff? Curious if anyone has insights from other departments on what's actually going on with resource allocation.