The plan would to be able to pack cars at 100x the density of trains.
There's one catch for trains though: most trains aren't dispatching single cars. Rather, trains on busy systems are generally 8 or 10 cars that move as a consist. If you factor that in to your example, you don't have 120s between cars, but rather 12s. That might sound like a lot, but you should have 3s between cars for safe driving anyways, and train cars carry well over 4× the number of people in individual cars. Even if every road car were full Jitney vans.
This system is also nice because people could choose all types of different ways they would like to travel. From sleeper cars, to mobile offices, to cramped seats on a bus, to stand-only packed in like-sardines, we are now in a Japanese subway situation.
But as it runs on skates, do they want everybody to input their routes first? And clearly, it's going to cost so much now than surface highways, but economics is lost here, for people are convinced that a maglev train in a pneumatic tube will cost 6 billion, but a high speed rail will cost 80 billion. The name Elon musk is like magic to dispel any economic sense.
Conceivably, the utilization of the tunnel could be way higher than the utilization of train tracks (most of the time: empty)
You're not getting 150+ cars in that tunnel during the same time period.