Nailed it. This is exactly what happened at the startup I was working for. I saw the writing on the wall and left, along with 2 other senior developers. Replaced by a set of fast-hire "interns"* that couldn't code. Then management started flip-flopping between a bunch of different projects with severe micromanaging: standups twice a day, constant focus on Jira metrics. Deadlines became very tight under monetization pressure from investors. Ultimately, the grand "2.0" version of the app that was going to save the company never launched, the series B was not raised, and the company fell apart.
*I say "interns" because they were actually full-time hires at 1/4 the price of developers.
*I say "interns" because they were actually full-time hires at 1/4 the price of developers.