Yep for years the mainframe hardware and software been subsidising the increasingly frantic efforts to grow a profitable AI/cloud/quantum/boondoggle business.
Creative accounting has transferred mainframe revenues to whatever current fantasy products they are pushing to convince wall street they have a long term future.
IBM is in the same position as UNISYS were twenty years ago. An extremely profitable legacy hardware and software business with lots of locked in customers but no viable new products.
At least UNISYS faded gracefully without abusing its customers and employees.