I was made redundant twice in 18months (First time to cut overhead as Covid hit / Second time as the business was closing) its not a fun experience.
As others have said they will already have an idea of who they want to get rid of (wage savings target) if there are 7 of you in the same role and they are only making 1 redundant then that's positive. It will likely come down to who is cheapest to offload and who does a good job, people who have been with a business a long time can be costly to make redundant so they may choose to keep those on the books even when they are on higher wages. If your doing a good job and your wage is lower than others its likely they will keep you.
Its a horrible waiting game, but in that time update your CV, look up any similar businesses nearby, maybe even sounds some out regarding vacancies, put your name down with recruitment agents if you know any that are good.
I wish you luck