Not necessarily. Think back to the financial crash of 2008.
SWT (Stagecoach) took proactive steps very early on in that situation, to reduce costs far quicker than many other TOC's/businesses, and consequently came out the other side relatively unscathed (compared to some others), and a large part of that was achieved by reducing off peak SX unit mileage.
Traction current costs and the overall staff wage bill were the two major drains on the business. Whilst some reductions in formations were of concern to some (including a small percentage of weekend suburban services/routes), difficult decisions had to be made, and were, to protect the wider business and jobs.
In essence, it may be that SWR are now more in tune with the need to cut their cloth accordingly and do so in a timely manner.