Theoretically you have a point. On the other hand it’s so bad for recruiting. I view companies that do large layoffs the same way I view companies that do a lot of contract hiring. You clearly don’t care about employees and their wellbeing.
Once it's a woke shithole no one important will work there. You can fleece them for money but no one capable of material contribution goes to google.
Consider what was their last usable innovation? Making their web email client less usable? A third-rate cloud service? They don't even have a usable quantum computer; just a toy. Their flagship product is a pay-to-censured search engine. It's a giant company of assholes.
Now its one of the largest programs on the east coast. Its cool that more people appreciate the field but as a small kid, I decided that I would have gone into this field even if it did not pay the big bucks so it was a no brainer when I enrolled.