My experience has been that caring about your craft is a great way to get in trouble. As a previous co-worker once told me "it turns out that the less I care about this job the more happy my managers are with my performance."
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.