The passage (or variations of) started life as an email circulating on the internet and didn't mention Cambridge University, that was added after the meme appeared in the press) who consulted a researcher about the content.
There was never any research carried out at Cambridge University.
The meme claims that the order of the letters within a word don't matter because we read words as wholes
obviously that's untrue or we wouldn't be able to tell the difference between pairs of words like salt and slat or split and split and one permutation can result in many different words, and, while you can take into consideration the sentence's context, one still can't be sure about the author's true intention of word choice.
In the passage almost half (31 out of 69) the words are correctly spelled (all 2 and 3 letter words are unchanged). The words that are unchanged are also often "function words," — the, you, me, but, and — which help keep the grammar of the sentences basically unchanged.
It also transposes adjacent letters, which makes the words easier to read. For example, "thing" is written as "tihng," not "tnihg"; "problem" is written as "porbelm," not "pbleorm."
The sentences are simple and, given the unchanged words, one can deduce their meaning easily.
There is some truth that we can read words with jumbled letters (think anagrams) but there is a cost. Experiments carried out by the University of Durham to investigate the claims found that small changes resulted in a 12% decrease in reading speed and the more words and letters transposed the bigger the loss in speed.