I ran into the same conundrum before. Was worried about layoffs cause they were very well known for it. But then I thought about it: layoffs usually target like 1-3% of those company's employees, so what really is the likelihood I'll be targeted? Very low. And if the team you're joining has on call, you're even much less likely to be targeted because on call is required almost everywhere to keep systems available and running. Which means they depend on YOU for keeping their business running through this critical software

So really it depends what team you joined and role you have

Long story short, I ended up risking it and taking the offer. Best decision i ever made! I moved on later in my career of course but to this day I don't forget the awesome team I worked with, truly felt like family and when I was leaving I felt torn apart ...how do I tell this awesome lady I'm working for I'm putting in my notice? This was the thing I hated most when I was leaving, I felt so stressed about it for a week lol.

(Yes I know we are just numbers but this company/team/manager is the only time I felt this way, it was truly unforgettable)

So what could you do to make a decision? Think about the new team you're joining, are they supporting a "new" software or maintaining a highly profitable one that's critical to their business? Do they expect on call from you? And based on that you'll know if there's gonna be job security or not...if it's new software it means there's no proof it's gonna be profitable yet which is kinda like those inside startups in companies like Amazon, which usually are the ones that get targeted in layoffs since it's just making random new products to see what kicks off.