I am not sure that strategy optimizes for your outcomes however.

Think about probabilities. Does doing good and relevant work increase your chances of promotion and better pay? Yes. Does it decrease your chances of being laid off? Yes.

So it seems like doing good work is your best chance at doing well, although nothing is guaranteed.

Now obviously if you're doing the minimum at work because you're growing your own business - that could be the superior strategy. But if you're doing the minimum so you can just waste time doing nothing - seems worse.