I don't think a special track for former employees is offered, for risk reasons if nothing else. But having institutional knowledge that other candidates don't could help you if you apply. WF is such a chaotic mess they love institutional knowledge.
There's the STAR program – essentially contracting while your severance is paused and you can continue to look for FTE roles at the bank. The upside is there's no break in service if you find a permanent position with WF. The downside is, a STAR assignment is just a contract role that the hiring manager agreed to make STAR. So there may not be as many available as in years past, and you still have to interview vs. other candidates etc.
I have several friends who have done a STAR assignment but did not land an FTE role by the end because hiring is frozen in so many groups.
I don't really see a downside to it, as opposed to regular contracting – unless you are keen to make a clean break from WF. (It's easy to get s—ed back in.) I just wouldn't assume a STAR assignment will be available, if you are unfortunately displaced.