https://www.pcgamer.com/fallout-76-will-have-real-time-vats/

The Vault-Tech Assisted Targeting System—VATS—has been a staple of Bethesda-brand post-nuclear combat since Fallout 3. It's evolved from game to game, but the basics remain the same: It dramatically slows time in the midst of combat, enabling players to target individual body parts without having to be actual sharpshooting masters. One of the big questions about Fallout 76 is how that time-slowing will work in its multiplayer environment—if it's going to be there at all. 

It will be present, Todd Howard said in an interview with Geoff Keighley, but not quite as we've seen it previously.