I've also driven past there regularly, from Kingston roundabout, to go up Falmer Road, and observed all the steps on the north side being replaced. You can see the difference in the colour of the materials from the old to the new.
Highways England have said as much, in the Argus article, I...
It says re-opened, so it appears it's the same bus stop in the same place. I'm assuming the £1.4M includes the work on the footbridge as well. The Argus doesn't say it's been 'scrapped', but closed for the present.
Highways England said most of the money was spent on repairing the footbridge...