I've worked with two teams where layoffs had to happen. The people weren't happy, but they were at least satisfied that the results were fair and honest. They appreciated my transparency, and worked to train up other members of the group to prepare for their own departure.
If you spend your time building trust and relationships when times are good, and weed out the toxic personalities during those times, then it's better (not easy or good at all) when times are tough. Allowing even the slightest amount of toxicity is completely unacceptable.
If your boss hides information or is intentionally vague to provide an out for themselves, they shouldn't be in a leadership role. They shouldn't be employed at the company.
Being a boss means that 99.999% of your actual job is communicating clearly and openly.