Seeking advice on potential org changes

I'm part of a product squad at our company composed of 2 Senior SWEs (1 of which joined less than 6 months ago), and 4 mid-level SWE (including me, who also joined 6 months ago). The other 2 mid-level SWE also joined in the last 1 year. Last quarter, our PM went on sabbatical. As a result, there was much unstability in our team. I'm particularly product-minded and was able to make product decisions on the initiatives I was working on, making sure to work with stakeholders. But overall in my estimation, our team is in a delicate state and in need of a strong product strategy and direction, which can only be fulfilled by a PM (in my perspective, I could be wrong though).

Someone who knows the PM for much longer have talked to her outside work (while she was in sabbatical), and this person have told me that she is planning to come back only for a month and then leave the org. I realized that the instability is going to hurt our team and so on our next 1:1, carefully and without revealing my teammate who shared that info to me, I asked my manager if there's a plan B in the scenario that our PM leaves. The answer I got back, which my manager got from his manager, is that there is no plan B and that our team will have to adapt to the situation if this happens. To me this answer is a red flag and I interpret it as the org not investing in our team.

My questions now, is my interpretation correct? If not, what else could be happening here? If yes, please advice on what would be a good step for me to take, as my goal is to continue growing in the company.