Ask HN: Is middle management the most vulnerable/disposable in a corporation?

Is there such a thing as what I described in the title or is it just my imagination/biased thinking?

I am only talking about tech orgs in a company and not other sectors like marketing, HR or sales. Feels like hiring individual contributors is still going on but there is a lot of managers/directors looking for jobs. Are there any stats that give a percentage breakdown of the layoffs?

If so, which level in the management is safer relatively speaking, if there is such a thing?