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Hang in there. Severance at J&J definitely factors in tenure. Last time they did a round, people with 10+ years got a pretty decent package - think multiple months of salary, plus benefits continuation for a while. Outplacement was offered, but quality varied; some found it helpful, others didn't. PTO is usually paid out, so track your days. Biggest thing is to document everything and maybe consult an employment lawyer if the offer seems low.
Don't count your chickens before they hatch. Underperforming doesn't automatically equal layoffs. They might restructure, reassign, or try performance improvement plans first. IF there's a layoff, J&J's package IS generally considered fair. But 'fair' doesn't always feel great when you're losing your job. Start networking now, just in case. Update your resume and LinkedIn profile. That's something proactive you can control.