Having gone though a sever turbulence experience as well, i remember seeing every indication between M.57 and M.92. The AP disconnected, just as did the AT, the PFD showed about every tape and color possible. The FD was chasing VNAV and was about as erratic as the other indications.
Now, would V/S 0 had helped me, or for that matter ALT HLD? Not very much better, because the altitude was bound to fluctuate as well, as a consequence of the unstable air.
I longed for the good old turbulence mode in the DC10, which was basically an ATT HLD function (hold pitch and wings level), because this is what saves your a$$ through the worst few seconds.
AF447 showed that chasing speed is fatal and i would pretend that chasing altitude in such real severe situation is similarly dangerous.
Keep the typical nose up, today's big birds normally want between 0 and 3degs up, and keep the wings level, then wait until you exit the worst.
The automatics never really helped me there, they most often just hand back controls when it gets hot!