Company revising my salary downwards 25%...?

Firstly, what is the industry of your job?
2. If it is consumerism related or tourism, then it is feasible for the company to decrease.

Your company is not doing well during the current climate of covid 19. As a employee, you ought to be understanding. Or would you prefer your company to go bankrupt? You have understand that the declaring the pay cut is not pleasing but they no choice but.

Or would you prefer to see yourself fired?

What u can do is communicate with your company how they come to make the decision? What do you hear from your fellow employee?
However, opinions are food for thoughts. The most important things is how you look at your situation and how you act upon to make your situation better.

Because having a pay cut is better than not having a job.

What if they retrench you instead if you did not agree to the pay cut? Or fired you?