We are doing the work of two-three people each and if we have to pick up even more work it'll break a lot of us.
Sorry, but it's foolish to take on more work in this situation. Certainly DO NOT work overtime! The company is choosing this path, if work doesn't get done due to lack of resources, it's not your problem, it's theirs. Mgmt has to prioritize, when they do, a lot of this "work" will just disappear.
In the earnings call they're talking about cutting more cost in IT, they talk about making automation a priority. This is what they want, few people. They having some valuable learning events coming up. Let them learn.