Is this the end of the line for SAP's traditional model?

Just saw the news about another round of layoffs, around 3000 this time. It's hard not to feel a sense of dread. We've been hearing about restructuring and efficiency drives for ages, but these numbers feel significant. With cloud migration and the push towards S/4HANA, I'm wondering if this is SAP's way of shedding the older skill sets and doubling down on the future. Or is it a sign that the market is just tougher than expected, and even giants like SAP are feeling the pinch? I've been with the company for a while, and it's unsettling to see so many familiar faces and roles disappear. Makes you question job security, even in the 'stable' enterprise software world. Anyone else feeling this uncertainty? What's the long-term outlook for those of us still here, especially if we're not directly in the S/4HANA migration teams?