It appears as if the collision of the first section (the past) is kept while the pause menu is open, despite you being in the second section (the future). I believe this is why you fall through the bridge in the future section if you walk forward after activating the pause glitch.

So I think this could be very useful on co-op if one player can activate the glitch while the other traverses the level. I think routing would be pretty complicated, but it would be really neat to see this strat utilized. Not sure how useful it would be for solo runs sadly.