I'm not a fan of FFXVI at all, but I have to laugh at the idea that it's the cause of these financial woes of SE.

A new report from Bloomberg painted a bleak picture of Square Enix, which reported a sharp profit decline in August. Analysts told the publication that Final Fantasy 16 failed to make up for the poor performance of previous Square Enix flops, such as Marvel’s Avengers and Forspoken, and mobile games that were shut down soon after launch.
so we have
- forspoken
- marvel avengers
- x amount of mobile game flops

Let's not put this on FFXVI, it's just SE being SE. FFXVI simply wasn't a seller enough to make up for their other failures.