They're offering to subsidize the cost that the individual would normally pay for COBRA coverage. They're only required to offer the coverage, but not to pay for it.

However, I don't think this is that unusual in SV layoff packages.

If so, that's really generous, given the cost of having to pay for COBRA.

Either way, I'd still be shitting my pants. 16 weeks is not a lot of time to find another job in today's environment. I know devs who have been out of work for years and had to resort to stocking shelves at Home Depot to tread water.