I've been a freelance journalist for over 40 years, writing for nearly every English paper and all the major news agencies, so am well aware of the cuts that have been made. In fact, it is difficult to remember how far back that goes, but certainly decades.
The standard had definitely fallen as a result, and was accelerated by students and others offering to work for free. That had a double advantage for the publishers, as not only was it free copy but often those writers knew more about what they were writing about than the professional journalists. My field has been tennis, and there are fans who know far more than those journalists who might only cover it a couple of times a year.