Laid off GitLabber here, the funny thing about this is the promotion season just ended. A LOT of people got promoted, so their employee cost is probably a wash after these promotions. Make of that what you will.
The reason for this is that you want to butter up the employees you're going to keep before layoffs. Getting promoted after you saw coworkers you respect get laid off makes you feel gross, and companies do need to do something to increase morale.
The funny part is many people at my co. believe promotions are evidence that we couldn't possibly get layoffs.
Really sorry to hear about the shitty situation you're going through, all the best in finding the next opportunity.