Yes, but the capacity at Cheltenham means that Network Rail are looking for a solution. Take a read of the Western Study for the “up to 2043 plans” which include extending services to Worcester for the purpose of additional Tewkesbury calls, connections and enabling Swindon to get to Worcester.
The study says that Network Rail plan to have alternate stopping pattern services between London to Gloucester and London to Cheltenham/Worcester. It would be additional to the North services, and that alternate Cheltenham services extend to Worcester.
I know full well what is in that document, but given that there is currently a taskforce, involving the rail industry and other interested parties, looking long and hard at future development of the Cotswold Line, including more or complete redoubling, future service options, what to do around Worcester to remove the capacity bottlenecks there, etc, etc, I am not going to set too much store by what is in an already three-year-old long-term planning document.
If a robust 2tph service can be sent from London via Oxford to Worcester, that is always going to be the first choice, as it is likely to be far more useful to more people than a direct link between Worcester and Swindon all day. A far better way to improve the service at Tewkesbury and Worcester is an hourly GWR service between Bristol, Gloucester, Cheltenham, Tewkesbury and Worcester or, failing that, extending the Cardiff-Cheltenham service to Worcester, but I have my doubts about that one, given the political implications of extending WAG-sponsored services further into England.
Network Rail route studies are, by their very nature, meant to include all sorts of possibilities for future development - possibilities that, as I have already said, it is up to someone other than Network Rail to choose from and pay for. Some of the suggestions in the 2015 Western Route Study will happen eventually, others will not.