It does, but bear in mind that in conventional cut and cover, the excavation may unearth things like sewers and water mains, and just leave these hanging in mid-air (I'm exaggerating, they are braced or supported) while the excavation continues downwards. A lot of the old photos of the Yonge Subway excavation show this clearly.
Excavating under the subway is much the same, albeit a bit bigger engineering challenge. The existing subway can "hang" in the air while things are built beneath it.
- Paul