Cisco is an old dinosaur. Everything Cisco does - someone else does better, cheaper, faster, and with less hassle. The few things Cisco had a large market share on, Cisco has new competitors (and old competitors) that are eating nearly all the lunch.
In my view - Cisco survives on inside deals with gov and big corps, convincing partners to sell outdated junk, and by having yearly "hunger-game" style layoffs. Where employees throw their team members under the bus and managers just pick who they like to keep (there are no true performance reviews or metrics).
Layoffs seem to be paused for one year while they wait to see how many folks voluntarily leave due to the recently reduced bonuses and lack of pay increases. The ELT say they have changed their ways on layoffs - see if it is the truth yourself next year.
Likely layoffs will be in the usual August/September time frame next year (see for ,yourself how much Cisco cares about you from your inflation raise this year - you know - the non-existent one). Many people will be "managed out" in the mean time (
Best of luck to you all!