PMs can always keep their jobs because they appear to be working and they keep contact with the execs directly. They have taken a bigger and bigger part of the tech pie over the years and soon they finally take it all.
That's not what i am seeing being played out at a big corp. In reality everyone gets thrown under the bus, no matter if c-level or pleb if they don't appear to know how to drive the ai metrics up. Just being a PM won't save your job any more than that of the dev who doesn't know how to acquire and use new skills. On the contrary, jobs of the more competent devs are safer than those of some managers here who don't know the tech.