I am generally pro-highway but this is just too much. There is little to no chance that a project like this will ever be completed in a reasonable timeframe, it will be the most expensive construction project in the history of the country if it comes to fruition. I could only see this being somewhat useful if there are minimal interchange points (i.e., only with 400-series highways) to keep it it for long-distance traffic only, but the cost is going to be absolutely insane.
What is abundantly clear to me is that the 905 needs way more long-distance transit options that run east-west, including rail or bus transitways along all major highways. The problem with the 401 is that it provides a level of connectivity that transit currently does not, and that’s why people use it.
It might also actually be cheaper to just outright buy the 407 than to build a tunnel.