Anecdotally speaking, I spent 6+ish years at my first "old tech" company. My org in this (very large) company was constantly simmering with resource actions (mostly small scale layoffs). There was lots of negative energy there. I left to take a programming/data analytics gig in a large, privately held financial company that had never had a layoff. This was unfortunately timed, 2 years later the financial crisis of 2008 kicked off and I (and my entire team) were all laid off. I have been with my current employer for approaching two decades and several of my peers have been on our team for that much time.
I have had a SINGLE manager in that time window. I can't even name all the managers I had in my first job due to near-constant re-orgs and layoffs.