Are these warning signs of employers downsizing?

My job I’ve been at for over a year has been showing signs of trouble.
Enrollment hasn’t been high as it used to (doesn’t help tuition is almost $40k a year), many of the VPs and Directors left since the new President took over because the other stepped down, we are merging with another organization, and to top it off my boss’ boss the big VP of our division was let go. Also we had a Consultant observe us at our jobs.

That resulted in the consultant saying we were understaffed and my boss requesting another HR generalist and an Hr assistant which has not yet been approved since we no longer have a VP to approve the budgets now…

But I don’t feel understaffed, only during the busy moments once every 3–4 months. Maybe an assistant but not another HR position my equal. I don’t think there’s enough tasks to go around with two more positions added?

Guess it’s time to brush up the resume right?