This might come under the heading of "never let a crisis go to waste." Most US universities have labor agreements and tenure traditions that make it very hard to get rid of faculty unless there is an economic emergency. COVID provides that. But the universities will have to be nimble and nobody has ever characterized a university as being nimble. I say that they have to move quickly because when economic tough times arrive, people go back to school. Thus, in two years, the problems of losing money due to no students will be over.
In terms of cuts, first cuts will come from the programs most recently added to the University -- support programs, extras, etc. Faculty will not be cut quickly or selectively. You might see a couple small, entire departments or programs within departments, go. They will be ones with bad student enrollments. Unfortunately, the labor agreement and tenure provisions will make it hard to get rid of unproductive faculty who are tenured.
Don't believe there is a "social justice" department at Rutgers. The English department historically has had a good reputation, along with the history department. The liberal arts will survive because they are relatively popular, and necessary to a cultured civilization. Which is good.
I was a Rutgers College "double major" in History and English. Critics have it. ;)