No. The solution is to call their bullshitnout.

A company can’t hire you to work from one location (regardless if it’s WFH or not,) and then unilaterally decide to have you relocate.

“You can apply internally” or anything else that is a new contract doesn’t matter. They’re changing the terms of employment, and they can’t do that unilaterally.

The choices are to agree with their new terms, accept the “out” of taking another position in your area, or reject them. They can use what ever semantics they want, but it’s still a layoff.