People in the part of the org that's cut. In my experience most layoffs aren't about cutting x% across teams, they're about the company deciding that they don't need entire functions altogether and getting rid of entire teams.
This was my experience at Microsoft. Cut our entire group, decided with higher interest rates the investment wasn’t worth it. If you’re in a group that is a long-term play and not immediately earning revenue, that’s a big risk when hard times come.
The most recent cut in my org was x% across functions. (Just one data point tho…)