Right.
The company doesn't care.
But I do.
I don't work hard on my craft, push myself to be better/smarter/have more impact, or go above and beyond for my employer.
I do it for myself.
Find the Middle Path.
Neither extreme is correct.
Doing the absolute bare minimum to not get PIP'ed is corrosive to your own soul.
Going "above and beyond" when you might get laid off tomorrow, is naive and opening yourself up for exploitation.
On the other hand, I had a job where my performance was rewarded greatly, and I was lucky to be at the right place for that. Almost all of the employees at the same company were not that lucky.
I spent most of my career with a similar attitude to yours, and TBH it's still my default. The question I find myself asking more and more is: can I maintain/increase my level of satisfaction while giving less of myself to a company that simply doesn't care?
If we are not able to accept that, then just do the bare minimum like most people. OR find a better job, but there is still no guarantee the new job would actually be better than the old job. But hey, at least we might get more compensation in our new job, so there's that