I don't think cuts in the near future is irresponsible speculation. Cramming people into an area with less than half-capacity while threatening to punish for attendance issues is a very clear signal that cuts are coming and things are going to get uncomfortable. This is happening across all orgs so it's clearly a strategy and not an oversight.
I can speak to experience with engineering when programs are cut.
Talent will be re-allocated. Top talent going into the high-production projects (trucks) and low hanging fruit going to uncertain projects and more menial tasks (specs, drawings, simple math updates). You can use common sense as to which of these groups will be the focus when cuts are happening. In the meantime, as I have said before on this board, managers will get really petty with arbitrary rules made to nudge people to quit. Many of have seen this all play out several times over the years.
It wouldn't surprise me if we were told to attend 5 days and for 9-10 hours now that we are salary "exempt". Individual volume of work being examined, people played off of each other, favouritism, managers pacing the isles, people keeping track of others, etc. etc. Work when you have the flu, drive in 2 feet of snow, show up at 5, yes, yes, yes. These are the intangible benefits Mary speaks of. Know your place, peasant. High-five.