I would start by finding out the facts, the real root causes of delay, and addressing them.
Otherwise spending billions on incredibly expensive upgrades alone without investigation only gives you a shinier railway to run your late trains on.
Indeed, although there are some areas where other factors come to play. For example the desire to improve service frequency for the Devon Metro would mean that redoubling west of Honiton didn't only give you a "shinier railway" but also give you more services.
Also, arguably, there's an argument that (given the cost to make changes) it's potentially better value to create as long a section of double track as you can before the next big cost comes into play rather than just the minimum to create a loop.
For example, if you've got the fixed costs of a set of signals at each end and the associated trackwork, it's better to build it (say) 5km long than 500m long. As that's likely to reduce the impact of more of the delays yet the cost wouldn't be anywhere near as much as 10 times there amount even though the distance is.
Over the long term one single 5km loop may even be cheaper and provide nearly as many benefits as 2 loops of 500m.