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I’ve been through three rounds of 'right-sizing' here, and it never gets easier. The communication from leadership is purely corporate jargon designed to mask the fact that they are burning out the survivors to appease shareholders. My advice is to stop waiting for the axe to fall and start quietly updating your resume today. There is no loyalty left in this building, and staying just gives them more time to extract your labor before they eventually show you the door anyway.
Hang in there, honestly. I know it sounds like empty encouragement, but I’ve seen this cycle play out enough times to know that panic doesn’t help. Do exactly what is in your job description, log off at a reasonable time, and start looking at other firms that aren't constantly bleeding staff. Most of us are just grinding through the noise right now because the market is tough, but your mental health isn't worth the quarterly bonus goals of executives who don't know your name.