My colleague was put on Pivot and she got 2 days to decide. She decided to take the severance. Since, she was based out of a virtual location in SFO. So she went to IT and submitted her laptop the next day. I don't think they block your device if you opt to take severance, so you might get some time to remove personal content. I'm not sure what type of personal content you're talking about here.
Not that I have seen. When the pivot form is presented to you, there will be an exit date listed on it. You will have a day or two to decide whether to accept the pivot, or sign that you plan to contest it. If you accept it, your exit date will be the date that was noted on the pivot. Generally it is anywhere from a few days to a couple weeks from when you first see it. I have never seen a situation in which you are shown the pivot form, told you have to decide before you leave the room, and then walked out the door if you accept the pivot. Maybe that situation happens, but if it does I would guess it is pretty uncommon.