Let's be realistic, as most layoffs are never performance-based.
Most managers have non-arm's-length people on their team or within org. These people will always be saved first. One's comfort employees, family, friends, and people of similar beliefs.
People whom the managers can trust to agree with them and are never on the offensive will also be saved. These are basically the pets of the team or org.
Most managers will save lifers. Attrition at this time will not get back-filled; thus, it's best to keep those who are likely to stick around.
The individuals whom the managers are afraid of or individuals who aren't afraid to speak up against them will be the first to be let go. Some of those have a lot of skills and do a lot of work, but managers with less confidence in themselves will place these people on the cut list.
People who have no relationship with the manager will also be on the cut list. Performance doesn't come into play. There's no guilt in placing them on this list.
Good management knows that layoffs are not good for the future of a company. It fixes the finance books temporarily during financial hardship.