I don't think SWIP was part of the decision making process as far as the expat pilots are concerned.
There may be some 737s being returned to the leasing companies thus reducing the need for foreign skippers.
Yes Jet will upgrade F/Os, which in turn who will be used to replace additional expat skippers.
Nature of the beast of being an expat. While never good news when crews be they nationals or expats let go... but the hand writing was on the wall as many notices concerning cost cutting measures, including as minimal foreign currency expenses being incurred. At the end of the day... it still sucks no matter what.