Are performance reviews being used as a layoff tool?

There is a ton of speculation circulating regarding this year's annual review cycle. I’ve heard whispers from a few folks in accounting and operations that the performance buckets are being tightened significantly compared to last year. It feels like they are engineering reasons to let people go without having to pull the trigger on a formal RIF. If they can put enough people on PIPs or rank them in the bottom tier, they get to trim headcount while claiming it's just 'performance management.' Has anyone else been told they’re suddenly on a 'development plan' out of the blue? My manager had nothing but praise for me six months ago, but now suddenly my metrics are being scrutinized under a microscope. It’s hard to tell if this is a company-wide directive to thin the herd or if I just happen to have a manager who is trying to protect their own seat by throwing subordinates under the bus. Either way, the vibe is toxic right now. If you're feeling the same pressure, please chime in. I’m trying to decide if it’s time to update the resume or if I’m just reading too much into a bad quarter.