I don't think anyone can say that they don't have colleagues that probably shouldn't be or shouldn't have been in the first place. Be honest.
Having said that what's going to happen is the layoffs will affect actual talent that this company needs.
The actual talent kept around are going to be over worked propping up the management favorites that should have been let go and when the economy picks up their as-----s will be stretched even thinner because the organization can't get anybody that they laid off back. As a genius solution to the situation the company will hire a bunch of brand new know nothings... Meanwhile it'll have a bunch of things going sideways because the actual talent left is drowning in distress trying to bring up the know nothings in a vain effort to lighten their own workload.
During this time, management will remain comfortable in their offices, standing around talking to each other or "WFH"...
How does success come from that?
This is going to generate a lot of negativity, both inside and outside the company.