Yep. I've been through almost exactly that, and know many other folks who have. If you're working in the US or other places that don't have really good labor regs, "RTO exemptions" are temporary, no matter what you're being told today.

Though, in my case bullet #1 was more like

  No more remote hires. However, we will more than backfill the folks quitting or being laid off in the US and the EU with folks in India and China. We hope you enjoy the in-office synergy when communicating with your new teammates who are literally half a world away!