Given recent internal company messaging, big cuts will likely be required in the future. Early retirement is step 1, and oddly specific/rigid return to office mandates are step 2. Once everyone has retired or quit, then the landscape will be assessed for layoffs. I highly doubt new reqs will be created for lost jobs. I think the emphasis will be on finding "new, cheaper ways to do things."
Personally, I have no problem with this. I just wish they wouldn't treat employees like clueless children.