A common view is that international travel will not reach a significant level (say 50% of pre-Covid level) in the next 2 to 3 years. Miracles can happen, but some predictions are even more gloomy.
CX will be more affected than most other airlines as it does not have domestic flights.
I don't think that CX can follow contractual rules like "last in/first out". Survival dictates drastic action as HKSAR will not put up much more money..
The outlook has worsened since June. As SXC suggested, reality will hit hard. Survival is not certain.