I just read an analysis from the Cityview Magazine, and they reveal  the following:
1. In2019 the daily circulation numbers for the M-F editions of the Register was 45,633- Sunday edition 80,713
2. In 2023 M-F daily circulation 23,411- Sunday edition 31,184
3. If my math is correct, in M-F circulation losses 49%- in 4 years
4 Sunday circulation loss in 4 years 61%
I realize this doesn’t show digital gains or losses
do you think it might be time to right the ship, or just let her go down?

I think there should definitely be statistics including digital. But my guess is even with them included, the total would be less readers than the past. 

Just watching their reduction of coverage for Drake over the years is amazing. For men's basketball we received more coverage in Phelps 5 years than DeVries 6 seasons. And we all know the difference in quality of teams and coaching. I suspect local coverage in Iowa has suffered in other areas in the same way. 

Once people started to figure out the strategy of Gannett's "cookie cutter" stories to reduce costs they stopped reading. 

And when you are all owned by the same company and that company produces cookie cutter stories this happens... 
2022 Gannett CEO announces mandatory furloughs, pauses hiring