No. Most layoffs are done by the managers being given either quotas or burn rate caps and tasked with producing lists of people to layoff.
The point of "many bosses" is if your manager knows you work on other projects, it's easier to leave you off the list.
The point of "no bosses" is no manager is tasked with considering you. You're not on anyone's books. There's numerous ways of doing this if you're interested.
If you have to play the one boss game it's harder. Some managers will want to keep their most talented people, other managers are looking for team cohesion and want the most friendly while others will break their project into roles and then assign people on a sheet of paper into those roles and get rid of what they consider redundant.
Some bosses will want to get rid of the most talented people on the logic that they probably have one foot out the door anyway and there's always a resignation aftershock after a layoff so might as well be seen as the one bold enough to do the cost cutting.
Some bosses will want to get rid of their most expensive people on the logic that they'll have the easiest time finding other work or maybe they'll have to get rid of fewer when they're more expensive, while others might want to get rid of their cheapest with the logic that they'll be easier to replace in the future.
There's really no silver bullet way to survive that. You have to know who is making the decision and somehow guess how they'll do it well in advance of the event so you can occupy a safe position in the mind of the decision maker.
Almost nobody acts based on some objective logic, instead they have predictable patterns of behavior and varying modalities. That's why you need to shake the org structure and get out of that situation.
If you want to insulate yourself from consideration, that's where the small bet team is in play. Preferably this is associated with the company cash cow. Let's say you work for Uber. A small bets team might be optimizing the UI using some behavioral techniques to nudge the users into picking higher margin options.
The point here is the managers of managers will have a list of projects which will be sorted by some metric. You want to be at the bottom of that list and so even in the one boss model, your team may never be subject to layoffs.
Being a small bet makes it subject to the rational choice theory paradox of the dollar auction: https://en.m.wikipedia.org/wiki/Dollar_auction ... The manager of managers will hang on to the project using a sunk cost, but not a money pit, fallacy. (https://en.m.wikipedia.org/wiki/Sunk_cost) you want to be in a grey middle where you're not a cost of concern.