Pretty much! I manage a SaaS product for our company and the company that makes our product has basically offshored their entire support team. Tier 1 and 2 support went to India, and the customer service reps that we collab with weekly went to Colombia.
Development is still done in my home country, but barely, and I’m sure its just a matter of time until that leaves here also.
Corporations single only motive is to produce more and more profit.