I have never known layoffs to actually "cast off dead weight". And, frankly, even if they miss that by 5% (ie. 95% layoffs are actually dead weight) they will still kill morale in the entire company. And, let's not forget, even the slightest hint of layoffs will make every middle manager, from VP to team leader, become totally untrustworthy. From your perspective as an IC, to each other, and to C-suite execs. They will lie and cheat, in groups, sabotaging whatever effort there actually is, from the C-suite, to cast off that dead weight.
And once morale is gone, it is a very short time until there is nothing but dead weight.
If there is a way to cast of dead weight with layoffs, I've never seen it happen. I've seen layoffs kill companies entirely, and make them into dead husks, unable to die, but even less able to live. But that's the best possible outcome.
You are assuming those that lay off are able to discriminate what's useless busywork and what's true innovation. Or that the latter is in fact what they are truly after.
Google makes money with ads. Tons of Google's engineering is utterly besides that core business. Productive might mean an excellent ad salesperson, and lazy slob a programmer only working on irrelevant efficiency.
And once morale is gone, it is a very short time until there is nothing but dead weight.
If there is a way to cast of dead weight with layoffs, I've never seen it happen. I've seen layoffs kill companies entirely, and make them into dead husks, unable to die, but even less able to live. But that's the best possible outcome.