The part here too is ‘valuable to whom’. If they can saddle the middle manager or director with the same responsibilities/expectations, while cutting 10% (say)

The part here too is ‘valuable to whom’. If they can saddle the middle manager or director with the same responsibilities/expectations, while cutting 10% (say) of the costs - guess what they are going to do. Is it ultimately short sighted? Probably. But good luck connecting point A and point B in these situations when everyone is thinking quarter to quarter.