Yes, Princess like every other cruise line has instituted many cutbacks. Some to save money, and some because of supply chain issues. A big one for me is the removal of the New York steak on the Always Available MDR menu. Also the MDR menus in general have shrunk, with fewer nightly offerings and greatly reduced portion sizes.
Another place it's noticeable is the buffet. Lower quality fruits, deli meats and cheeses for sure, along with cheaper cuts of meats.
Staffing is also an issue. This is industry wide and not specific to Princess.
None of these things will make me not cruise, but for long time cruisers on Princess, they are definitely noticeable.