Lost J2 after 2.5 years OE, J1 is a little shaky. What would you prioritize?

Been OE for about 2.5 years with 2 full time jobs. J2 recently ended in a broader company layoff, so now I am back to one job.

At the same time, I got a below normal performance rating at J1. No formal PIP, no HR meeting, nobody has told me I am getting fired or anything like that. Just some feedback on things I need to improve.

For people who have been doing OE for a while, how would you play this?

Would you focus hard on stabilizing J1 before adding another job, start interviewing for another J2 right away, or start looking for something that could potentially replace J1 too?

Also, how much would you read into the fact that I have not gotten a formal PIP? Is that actually a decent sign, or would you still treat J1 like it could be on shaky ground?