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I've been hearing similar murmurs too. It feels like there's a lot of internal restructuring happening, or at least being discussed, behind closed doors. The 'strategic realignments' phrase is definitely being used quite a bit, which always makes me a little nervous. It's hard to get a clear picture when things are so opaque, but the general sense of caution is palpable across different teams, from what I can gather.
Honestly, my department feels pretty stable, but I have noticed a bit more caution in conversations around here lately. People seem more hesitant to commit to new projects without multiple levels of approval. The budget review talk is definitely persistent, though no one seems to know exactly what it entails. It's probably wise to stay informed and keep your options open, just in case.