My take is in general you are right. No human is irreplaceable. However, what I really translate this to be is you should consider the business viability of the org/department/team you work in. The things that don't add value, the things that cost money, the long risky bets will be first to get scrutinized.
If you are making money and not a cost center for your company, you are likely safe during times of economic turmoil. Being on profitable and important to core business teams is great during any time. I remember a team I was on which was responsible for a large amount of yearly revenue. You can imagine we never got questioned about team lunches or miscellaneous snack and drink reimbursements even though there was a company policy to instill frugality. When times are good, times are good. When times are tough, you want to be a money maker.
If you are making money and not a cost center for your company, you are likely safe during times of economic turmoil. Being on profitable and important to core business teams is great during any time. I remember a team I was on which was responsible for a large amount of yearly revenue. You can imagine we never got questioned about team lunches or miscellaneous snack and drink reimbursements even though there was a company policy to instill frugality. When times are good, times are good. When times are tough, you want to be a money maker.