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I've been through a few of these rounds myself, and your strategy is spot on. Staying under the radar is the only way to avoid becoming collateral damage when the headcount targets get slashed. Keep your head down, keep your output consistent, and don't draw any unnecessary heat. If you're on a project that feels like it’s being sunsetted, start quietly networking with the teams working on the big client accounts now. It’s a ruthless environment, but documenting your wins is smart—just in case you need to prove your value to a new manager when the inevitable shuffle starts.
Honestly, the paranoia is exhausting but completely necessary here. I’ve seen some of the best people get pushed out simply because they were vocal about inefficiencies or had high salaries attached to outdated systems. My approach has always been to be 'aggressively helpful' to the leads who actually manage the current flagship production lines. If they see you as an asset to their daily success, they are much more likely to pull you into the fold when the restructuring hits. It’s all about leverage and making yourself too integrated into the current core business to be easily removed.