Just had a look at RTT for Shepreth branch Junction tomorrow and I can't find an hour with more than 19 trains passing in total for both directions. If all passenger trains stop there, I struggle to see why a full four platform station should be required at Cambridge South for that traffic level. Maybe initially a simple two platform station could be constructed without any major layout and signalling alterations (there are usually SMALL changes required nonetheless for both PW and S&T even if there's no significant reconfiguration), but clearly even this would require design, land purchase, planning etc. The simple two outer platform station could be designed for future provision of additional outer platforms with indendent tracks heading south to the junction, to reduce conflict and cater for growth. I doubt four tracks all the way through to Cambridge station, nor a grade separation for the Shepreth branch could be justified.
Maybe four years is a little excessive but even with a reduced scope two or three years from a standing start would be very good going, and passive provision for future facilities would require very careful and time consuming design. A problem is with crayonista politicians is they want everything delivered today, or more specifically within their current tenure. True statesmanlike behaviour would accept that some grand plans, although perhaps initiated under their reign, might complete after they have left office, sometimes many years after. If there is any merit in such proposals then the important thing is they are built, and built right for the long term.