Rant on entitlement of Software Engineers

I have been getting a feeling that software engineers (SEs) have a sense of entitlement, believing they deserve a salary of 50-60 LPA with 2-3 years of experience and a 30-40% raise every year. As an SE myself, I believe this sense of entitlement leads to unrealistic expectations in the workplace and hampers actual output. Past nine months have been brutal, with mass layoffs and minimal or no increments. Due to this I have noticed people putting minimal effort into their work. I understand that getting no appraisal can be demotivating(trust me I do) but considering what we are paid for what we do is just insane(I am comparing with other industries). With funding becoming scarce, many companies are no longer burning through cash. Most Indian companies will prioritize profitability to secure further funding rounds or pursue an IPO. Since engineering teams account for a significant portion of expenditures, everyone will be looking to cut costs by any means necessary. What are your thoughts on this situation? Do you still give your 100% even if you didn't receive a raise but are being well compensated?"