A colleague with 20+ yrs tenure, someone who was the top exec's go-to person over the years as the top exec climbed the ladder, was laid off mid-2021. The person's work was transferred to someone in a low-cost destination. The person was required to train the replacement who had zero experience in the subject matter. This is a person who believed the top exec would always find a spot for this person; that there would be some loyalty shown for a couple of decades of late nights, filling gaps, taking on new things, and being a team player.
So I don't think it makes much of a difference to us individually if we answer how we truly feel, if we don't answer, if we answer neutrally, or if we are just a "Go Team I Love It Here". The transfer of jobs to low cost destinations says everything we need to know. I think this survey matters more to the higher ups relative to their own positions within the company. They want 100% participation and happy answers so they look good. That's why the results are always presented as being positive with opportunities to improve.