Yes it will as it gives a crossover which doesn't exist in a standard double junction so there is some more built in flexibility.
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This update from Network Rail contains details of a fly through video of how the dive under will work:
The East Coast route includes the East Coast Main Line (ECML), which is one of the oldest and proudest names in British railway history.
www.networkrail.co.uk
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There will be more activity on the dive under or grade separation tomorrow with a crane lifting new bridge sections into place to form the base of the extension to the Lincoln Road bridge. This will enable the new pathway to pass through to join the Great Northern Great Eastern line to Spalding to the north of the Werrington district of Peterborough. The existing bridge will close from 8am to 6pm.