At my store we are going through modernization, but the VM still does adjacencies and she also does Home and Hearth and Hand resets; when the VM position was first introduced they helped out the brand team members with adjacencies and POGs, when the second one came in she had more of a TL role, but still changed adjacencies after Brand TMs had done them if she didn't like something. The first one left for Nordstrom because she didn't like the lack of creative freedom at Target, the second one left to work at a Bridal shop which everyone was really happy about because she was just plain rude and we were annoyed that she changed everything after we had done it instead of working with us through the process.
We're on our third since the position was introduced and I've heard her say stuff like "What is the point of me being here" too, but she's lasted a full year which is longer than the first two. What I'm trying to say is since the beginning, at least at my store, being a former brand TM and currently style TM, where I've worked closely with VMs is that they all had the same question. However, our VM has also taken on more of a leadership role over time.