Is the culture rot finally reaching middle management?

I’ve been at Cardinal for five years, and the vibe has shifted so drastically lately. Used to be that layoffs were rare and handled with some level of dignity, but now it feels like a constant state of panic. With these recurring WARN notices—including the latest one in Naperville—it’s clear that the 'restructuring' never actually ends. It’s just rebranded every few months. I’m starting to notice that even some of the more senior folks who were previously 'untouchable' are looking for exits. They know something we don't. Is anyone else seeing their direct reports or peers just checking out mentally? I feel like I'm doing the work of two people because two positions were eliminated in my department last cycle and were never backfilled. Management keeps preaching 'do more with less' but the burnout is real. Has anyone actually seen a successful transition after a restructure, or is it all just cost-cutting until the stock ticks up?