Ime, financial considerations don’t necessarily reach students, their day-to-day experiences. The top LACs, with alums very satisfied with their experiences, bring on successful fundraising campaigns and can start to turn. Where I would be concerned is where a college is already saddled with identity issues, a struggle to bring on a range of solid performing kids, and a less than constructive decision making process. And, where 2008 crippled some, with no recovery contingency plans in place. Leadership matters.
Then you can look at the situation in the UC system, where they continue to struggle, for other reasons.
They can eliminate a “major” without eliminating every one of the classes. Some combine fields or refocus.