Feeling the squeeze despite 'record' margins

It’s honestly laughable at this point. We’re constantly told how critical we are to the electrification transition and how our margins are holding up in a tough market, yet the annual merit increases were absolute peanuts. Then, they turn around and start talking about 'optimizing our footprint.' We all know what that corporate speak actually means. I’m tired of the performative culture here. They want us to do the work of three people because of 'hiring freezes,' but the moment anyone mentions that the workload is unsustainable, we get told to 'prioritize' better. It feels like they’re just waiting for a reason to cut headcount to make the quarterly report look better for shareholders. I’ve seen three high-performers on my team jump ship in the last two months, and management acts like they’re replaceable cogs. If they are planning a layoff, I honestly hope they get it over with so some of us can actually stop looking over our shoulders and just move on to companies that don't treat human capital like a disposable line item. Anyone else just completely burnt out by the constant 'do more with less' mantra?