To be fair, this could be due to the bias in reporting, as media outlets may have had incentives for over-emphasizing the T&S angle.
I do not deny there was bloat. There was bloat in most tech firms at the time. But I don't think it was 80% bloat. My post was to explain how, even if T&S / moderation seems like a small function, it can require an unexpectedly large headcount -- probably even more for a pure-UGC company like Twitter -- and so could realistically account for the bulk of the cuts.