Meta Layoffs (Instagram) ~ 60 employees

It's the same for all companies and roles. If you need to a bit more job security, then you will have to give up on high salaries, or brand name, or sometimes equal of both. But still, at the end of the day, all of us are disposable assets for the company, hired to get a delegated task done.

Also, this was not a product role, but a program manager role, with tech focus.

But even in some cases, product manager role will be at risk when the role becomes just an overhead and doesn't do what a product manager is supposed to do.

Product owners and product managers are different from TPM(Technical program managers). TPM primary job is run project and ask for updates, timelines.Just like scrum master. There is no technical or business contribution from them. Those are only required for very large projects where too many teams and orgs are required. Hence TPM jobs are not safe due to high salary and less contribution to business