This layout is obviously found (a lot) in the Danish city of Copenhagen which is rather more cycle-friendly than London. The arrangement has a footway, then a cycle track and buses stopping next to the cycle track. Passengers wait on the footway and then use the cycle track to board and alight from the bus.
However, this design is inferior to a 'floating' bus stop, which does provide an island where bus passengers can wait, and onto which they can alight when leaving the bus. The 'Copenhagen' design should only be used where carriageway space is genuinely limited.
There is an example of a 'Copehagen' bus stop bypass on Royal College Street in Camden.