I saw this mentioned somewhere and it helped me, so I figured I'd share. If you can't decide if you want to quit or not, remove layoffs as a factor from your consideration. Think about your job minus the layoffs and see if you would be happy here if job security existed. If the answer is still no, then you have your answer. If the answer is yes, then it might be worth it sticking it out.
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No growth. Yes, I would quit.
The constant threats of layoffs is the big one for me. I am completely against the vision and how Glenn Shapiro is running this once great brand right into the ground much like the vast majority of employees are from upper management on down (Yes I know a few high level persons in Allstate who think Shapiro is a total disaster). And while there are areas of the company that are a total nightmare and have been impacted by the disgusting unneeded layoffs last year I am one in a decent good paying role that actually enjoys my work and my management team. I do feel happy and blessed with my job. However like OP said the constant fear and threats of layoffs at the whim of a mad man Shapiro has me actively looking at my next career move outside of the company.