It will run however it just won’t have all the fancy UI effects. It will revert to a “classic” UI for speed purposes. However, the main functionality will be the same.
Speaking of which…remember that this is a Beta level product and Microsoft has already stated this does not represent the final product in any way. This is just a release for developers to test out lower level stuff like drivers, networking, services, etc. Anything UI related or functionality related will be released in later Betas and release candidates.
FWIW, MSConfig will most likely be replaced with WinSAT or a similar utility. You can learn a little more about it here .