Layoffs could also mean trimming the dead weight at the company that is sitting around and collecting paychecks, which in my experience is super common in california tech. Hit L4/L5, attend that weekly standups, and rest and vest till 50, then FAT FIRE and move to New Zealand
Unless you’re the one conducting layoffs, what you think is dead weight and what people conducting layoffs think is dead weight might be different people.
Plus that L4/L5 employee might look stellar on paper. Or even be stellar, just not very vocal about what they’re doing.