Has anyone been asked to wear "multiple hats" more often?

Lately, it feels like the expectation is for us to do more with less, which is fine in principle, but it's starting to feel like a thinly veiled way to absorb work without adding headcount. I've seen some roles that were previously distinct now seem to expect individuals to cover responsibilities that were handled by multiple people before. It's great for development and learning new skills, but when it's happening across the board and there's no clear indication of future restructuring or support, it raises some questions. Makes me wonder if this is a sign of budget tightening or something else. Anyone else experiencing this and how are you navigating it? Trying to stay engaged but also realistic about workload.