What business case was in progress at the time of the election? Typically anything already funded and in progress continues (sometimes publication might be delayed).Ignoring post 712 that makes clear that it is the Gov who have stopped the process and the Councils have suspended work until the political climate changes, which it will at the next election, although not necessarily in rail's favour of course. Rishi Sunak killed it by calling an early election, when the business case was incomplete and no decision was taken either way.
The Restore your Railways allocated funds were mostly already spent. Much on projects that were well progressed before the fund was announced that got rebadged under it. At cancellation there was £85million, not enough to fund the current estimate for Tavistock let alone all the other projects competing over the same funding pool. The fund always seemed likely to create false hope for schemes selected with only a tiny proportion that would ever be delivered.
Since cancellation extra railway funding to reopen Portishead has been announced. While there may not be a railways named programme, the government could fund a reopening for Tavistock if they were convinced a sufficient case existed. Network Rail's comment was only that they should find a funding mechanism before progressing to a detailed study.
Which returns to the biggest issue for this reopening is that it's not good value for the investment. There can't be many successful rail opening business cases where the biggest benefits are to car users rather than rail ones (which is the case for Tavistock in the 2022 SOBC).