A deferral carries something the wait list doesn’t: a re-review of the application. I would expect any new materials, including a LOCI would be examined in the re-review. Whether or not it makes a difference is uncertain, but I would favor the odds that it will at least be read.
I would still encourage OP to apply elsewhere - or plan on community college. I seem to recall VT was cramming three people into double rooms last fall, the yield being higher than expected. Adjustment/correction for that seems likely in this round of applications.