Most employees at big companies, including tech companies, don't innovate. They're not allowed to innovate, and if they try to do so they're told to keep working on their TPS reports or Jira tickets. Laying off such engineers won't reduce innovation at a big company.
The people big companies allow to innovate are either product/marketing types, or in tech companies people with titles like "principal" and "distinguished". Most of these people don't actually innovate either (and the innovation coming from the product/marketing types is usually bad), but occasionally you get people who can, and that's where all the innovation from big companies is.
If you want to innovate, become a founder. If you're at a big tech company, you can probably ask management and they'll tell you the same thing.