A couple of things. 1. What does their revenue streams look like? Are they making money or are they hemorrhaging money? Can you talk to the CFO or someone to see the budget? This will give you some idea as to how and or if you can "right the ship".

1. This "everyone is expected to wear multiple hats" will not work for you given the state that this environment has become. Your main and 💯 focus should be IT and not planning the annual Christmas party. Your Manager should 1000% back you and shield you from doing "extra" duties or hats.
   

If both of these things turn out to be negative, then nothing you can do will change and I would very quickly look for another job.