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So does that mean that they demoted a bunch of people on paper and salary but did not change the actual day to day? If so, I would leave and not change my resume or LI to the lower role.
^Prior to being at this company I have 6 years of technical project managment experience.
In my experience, when a company makes these sorts of promises it is usually nonsense. Either, they just never go through with the promise or the person who made the promise leaves.
If you have almost 10 years of experience, over three at the company, and they have you at a "Junior" level you should seriously consider leaving.