For me, yes and no. People are continuing to fly BA, but at a price. Load factors are maintained, maybe even slightly up, but RASK is down, especially on long haul. The acceleration of the cuts is rather there to shore up the bottom line than to grow it, at least short term.

IAG has issued one major profit warning this year, another would be unthinkable for the current manaagement, so at least for the remainder of this year I would expect more of this to hit the revised number.

Whether that is a sustainable long term strategy is another matter, cutting your way (and your product) to success is always risky long term. Eventually a tipping point is reached, for BA that might be some combination of low yield and brand impact (given that recent cuts have started to make the press). Interesting that even on this forum, I've noticed recently that some people who have previously defended BA no matter what are wavering in their opinions, maybe some personal tipping points have been reached. That's just an observation, anyone can love or hate BA as much as they want, I'm somewhere in the middle and continue to fly them when it suits me (still quite a lot, but less than before).

BA find themselves in a tough place strategically, pressured by the ME and Asian carriers long haul, the LCCs short haul, combined with a main hub that is both higher cost and more capacity constrained than many of its competitors. The westward business and LHR hegemony protects them to some extent, but falling yields put that under pressure. The strategy they chose has its risks, but it's hard to know if the alternatives would be more successful for their competitive environment. I don't think the current management will change tack, at least not materially.