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Honestly, I wouldn't put too much stock in rumors. But, being prepared is smart. From what I've heard, Pinterest's severance is generally considered decent, usually around 2 weeks per year of service, plus benefits continuation for a few months. However, keep in mind things can change and it depends on your level. Start updating your resume now, just in case. No harm in being ready!
Three years in Engineering should get you something reasonable. Don't just accept whatever they initially offer; try to negotiate! See if you can get them to extend benefits or offer outplacement services. Start networking *now*, even if you don't need a job today. A strong network is the best severance package you can have.