Anyone else's role suddenly feel redundant?

Lately, it feels like my day-to-day tasks have been significantly reduced. Stuff that used to take up my whole week is now done by Tuesday. Management is being super cagey about it, just saying 'streamlining' and 'efficiency improvements.' But it feels like they're just waiting to see who they can cut. I've seen a few colleagues from other departments looking really stressed, and the usual chatter about upcoming projects has completely died down. The office closures last week felt like a big red flag, even though they said it was 'maintenance.' Anyone else in a similar boat? Feels like my job is becoming optional.