It isn't explicitly excluded, and the terms even provide for that process, in points b and c:
(b) make your selection of the Exclusive Benefit by visiting between 12:01am (AEST) 26 April 2022 and 11:59pm (AEST) 31 May 2022 (prior to the card application) and receive a confirmation email to the nominated email address in your Velocity Frequent Flyer account, (c) after receipt of the confirmation email, successfully apply for any card featured on Velocity Points Earning Credit Cards that has an annual card fee
Per the above it notes that you must:
1) activate the offer by 31 May "
prior to card application"
2) await confirmation email (also fulfilled by selection activation, but terms allow that this is not immediate)
3) then in step c "apply for any card"
after the above steps occur.
gda's scenario meets this.
It is not the Virgin Flyer t and cs that determine eligibility, but the card selection info that appears on the Velocity page linked above. This notes 30 Jun for selected cards and would not be expected to change subsequently (but if it did like Virgin status credits may also be extended, but I would not expect this to happen).