No. A vast majority of VRAM is used to store texture data. And while you could go "but I could load up ultra max 16K texture packs!", unless you're rendering at a higher resolution as well, you're not going to see much of a benefit. And if you're rendering at a higher resolution, you're going to lose a lot of performance quickly.
The other stuff that significantly impacts VRAM usage also impacts in-game performance as it requires a more powerful GPU. Things like:
- Rendering at a higher resolution
- Rendering with some sort of spatial AA like MSAA
- Higher quality shadows. Shadows basically re-render the scene.
- Ray tracing. Higher quality ray tracing requires may require more VRAM for the acceleration structures, but it also costs a lot to do compute wise.
Besides that, storing more textures and such may be a moot point in the future if DirectStorage becomes a thing.