Are they in existential danger? Nope.
Are they at risk of major layoffs? Absolutely. Between Skull & Bones, Star Wars Outlaws, Avatar: FoP, Watch Dog Legions, Ubisoft has been bleeding cash for years. The last huge success they had was The Division 2 in 2019, with nothing since then being a confirmed 5+ million seller (though the AC games likely HAVE sold decently).
Thing is, even relatively small layoffs from Ubisoft would be notable given how huge their number of employees is. They've already bled 2,000 jobs since 2022, and there are another 19,000 to lose.