As above. Leaving out management. Just in terms of core skills.
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Marketing, yes, they are usually let go first (mostly because they are neither the frontline sales making the money or the engineers building the new version and supporting the cash cow)
Worked in multiple start ups and did not see PMs being let go when the times were tough beyond teams getting shut down (e.g. a company downsizing, laying off an entire team of engineers and the pm working with them).
In smaller startups the PM can be let go because one of the founders is actually the main product person
Also, if you get LinkedIn premium and look at hiring across faang for engineering roles... It's declining...