A Vactrol usually has a minimum voltage below which the led has no output, similarly it has a “saturation” voltage above which it doesn’t get much brighter. This, combined with non linearity of the LDR means the response is quite different to a VCA. Similarly the amount of hysteresis/slew they exhibit can vary a lot. For some, a clock pulse will make a decay envelope, on some it just gently softens the edges of a gate, the latter being much more vca like. Often you can select how much filtering effect it has (from none to a lot) so for VCA like behaviour, turning the filtering off may help. If the modulation is slow and smooth filtering may have no effect (also the hysteresis/slew matters less in these cases). In short they can function somewhat like a VCA, but how close to a traditional (linear) VCA they behave depends a lot of the nature of the input and CV as well as the vactrol’s characteristics.