When you're on your deathbed are you going to look back and think "gee golly, I'm really glad I worked those 7 extra days and got laid off anyway" or "that vacation I spent with <name> was the best time of my life, especially when we <whatever>"
Life is for living, you're working this job so you can go on vacation, if you don't go you may as well already be dead.
You probably already know this but, do what you feel comfortable of doing.
I wouldn't worry about it. In most large organizations, decisions about who to lay off are made by small committees of senior executives and HR managers. They don't know or care about planned vacation time, it mainly comes down to financial issues plus (maybe) your rating on your last annual performance review. Your director probably won't even be consulted due to the risk of leaks.