I'm in the same boat. I would be pretty insulted if they reneged on remote work and used that as the primary decision criteria on who to keep or let go. Especially since I took a pay cut to go remote and most of the folks I work with are in other offices anyway.
The pay cut feels like a decent defense to me. Somebody looking to cut payroll by 20% should hopefully look and say "wow, those folks working remotely outside of the bay area, nyc, seattle are getting paid 15-25% less, maybe that is good for us."
