It sure does. I think Lightoller said that he was one of the first ones to get onto the overturned Collapsible B and so, he certainly would have been one of those in the timeframe shown in the video reconstruction.
Of course, it is only one of many such reconstructions and the sequence of factual events could have been somewhat different. But even if that particular one was only partly correct, it gives a good idea of where Collapsible B and the people on top if it could have been at the time the final break occurred. Of course, it would have been quite a lot darker but even so it seems to me that almost everyone on board #B would naturally have been looking at the Titanic and if so, I find it hard to believe how a trained observer like Lightoller could have missed such a catastrophic event.