That 4% turnover is already 'priced in' and these layoffs are in addition to the regular management out, etc. they plan. If these were just rolled into the regular attrition they wouldn't even mention it or make news about it.
It's hard to say without knowing what projects they cut as part of the process.
If you want to cancel a larger project you can either gut it, and do the work to relocate everyone only to lay them off slowly, or you can do a larger layoff and only relocate people you plan to keep.
