The only way to know for sure is to ask your manager. Anybody else’s interpretation is of no value.
You don’t know what is going on behind the scenes. Your manager may have been directed by their boss to drastically cut back on everyone’s hours.
You don’t know if one of your fellow employees has been sucking up to the new manager and has been the recipient of more hours, possibly those which should have been yours.
Perhaps it is time to dust off your resume and start looking for other opportunities. There is an old expression that goes ‘you can read the writing on the wall.’ Maybe the writing is telling you something.
If I worked for an organization that treated me as they seem to be treating you, I would be looking for other opportunities.