In my experience, pausing the game in VF does seem to have an effect on the collectibles...which I love [I'm somewhat visually impaired due to early onset macular degeneration (the wet kind, for anyone who's familiar with the condition)]. Sometimes it seems like the moment I finally spot one of the rares I desperately need, all my peeps go into hiding. Pausing the game gives me time to go hunt for them while ensuring the collectible doesn't disappear before I get them there. If you look closely, you can even see that the little bubbles that rise up off the collectible pause as well when the game is in pause mode. Awesome improvement over past games....where I've missed more items than I care to think about.

I'm about 97% certain on this, but I have been known to be mistaken on occasion, so if someone "in the know" can verify for sure one way or the other, I'd appreciate it. There is that 3% chance that every one of the many times I've tried it, I've been extraordinarily lucky.