That's right. An offense designed to go fast can always slow down. They have more access to the full sliding scale. But last year we saw an offense that seemed structurally insistent on a full huddle per play and could not speed up.
I welcome the flexibility. Also: although "hurry up and wait" kills a lot of entertainment for fans, until the rules change, it is a superior strategy in that it limits defensive shift changes - giving the potential to lock tired players or mismatches on the field - and brings other benefits in terms of a full clock to read the defense and maximize the chances you are properly adapting, including time for the coaches to change signals. This isn't to argue that Michigan wasn't reading the defense last year, just to note that they were bad at it, too often appeared rushed, and that the impetus seemed almost solely on the players as they were characteristically frantic to snap the ball before the play clock expired.
Even at the bottom of the barrel, these are promising changes.