The odds aren’t increasing by any means, but you’re doubling the amount of Pokémon you see within the time period.
Assuming you do one encounter per 30 seconds, you’re find two Pokémon per encounter at a rate of 30 seconds, rather than one.
Mathematically speaking, it isn’t the odds you would change in the formula, but rather the variables within the time period.
So yes it is faster, but it also isn’t. Faster in terms of how many Pokémon you encountering, but it’s all up to luck.