In my experience - using VEP7 locally - using VEP very much increased the occurence of clicks and pops compared to me running my Kontakt instances in Reaper directly. I had to increase my audio device buffers significantly after going to VEP, to make it still work. So no, in my experience at least VEP was no solution to that problem at all.
I'm still going with VEP locally, because I can live with the increase of latency due to the higher buffer, but the loading and save times of projects (which drove me nuts) are waaaay better.