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Yes, that's the typical thing that seems to happen these days while the future of the central space is obviously undecided--partly because of the regrettable division between transport and land use planning that means there's little co-ordination, and also little planning despite the names of these disciplines, and partly because there's really no money around at the moment for a big replacement project. Many people obviously love the IMAX as a cinema, but it would be fairly easy to rebuild on a corner of the junction and would probably end up being a better building. In the meantime, failing a proper top-down approach to the hierarchy of intervention, people, with the best will in the world, are trying to do something while the key question isn't addressed.
Roundabout removal proposed.
https://tfl.gov.uk/travel-information/improvements-and-projects/waterloo-roundabout