Potential layoffs, should I start job hunting?

Hi all, throwaway account here for various reasons that may become apparent in the post.

For some background I have worked 10+ years at a large tech company with high performance ratings the entire time. I learned from friends in medium places that my organization is planning on doing a non-performance-based layoff around October that will take effect at the end of the year, and that I am likely affected. They have asked for an exception for me but aren't very optimistic. I'm not supposed to know yet, hence trying to keep details vague. I've had a few days now to crash out but am now a bit more level headed and looking for advice.

I'm lucky enough that the severance package would look quite good (8mo base pay plus stock vests), but am trying to decide if I should try to find a new job now and leave, stick around and wait for my package, or try to time the new job to start after I get my severance package (probably near impossible with the job market TBH but a girl can dream).

On one hand, taking a break for a bit and getting joy from my non-work life for a while before starting the job hunt sounds really appealing and not a very common opportunity. On the other, I grew up poor and the thought of having no solid landing point for some time makes me uneasy. Plus, with the job market the way it is right now, I'm not sure how long it'll take me to find something.

Has anyone been in a similar situation or have any advice?