I think it's pretty clear that Jed is viewing contention on a longer time horizon than the fanbase, and it's pretty clear PTR is fine with that.
The team was expected to win ~85 games coming into the year, and they're tracking towards ~79 at the moment. The standard deviation on preseason projections is in the 6-8 game range. This season has been a disappointment, but a pretty normal sized one. We're talking like a 20th percentile outcome?
That's not to excuse the underperformance thus far, but it is to put its likelihood in perspective. Jed and the Cubs showed very little urgency this winter, and I remember specifically a Carter interview at the Winter Meetings where he mentioned not wanting to block all the kids. I imagine there was not a ton of additional payroll available, but if Jed's rolling a 1 or a 2 was going to cost Jed his job we would have skimmed more off the farm to bolster the team without majorly impacting payroll. Instead he stuck to his guns, got some left tail outcomes on a couple of positions that already didn't look great to begin with, and here we are.
It's been mentioned that Jed's contract runs through next year, I'd guess that next year needs to go well for him to earn an extension, but that there's very little chance he's outright fired.