The VTO offered gives the company a reason to not offer severance. If you refused the VTO offer which was pretty much your severance offer then you waived your severance. Unemployment should still be an option though. This is pretty much your warning if you were offered VTO it is best to accept
Source: Director Smiley
If you were not offered VTO then they plan to either keep you in your current role or repurpose you for other needs. If you were offered VTO and you declined then you either gave up your severance when you are finally let go or the package is reduced to regular grunt severance package. VTO is a way for you to get out with a better deal. You are gone regardless.
It is not still on the table if it wasnt offered to you.
Sneaky AF Allsnake
As a Band E that didn't get the VSO/VTO, hopefully that means severance is still on the table.