Carg,
on mine it worked. (I had already finished the Shrine; I was just checking to see if I could do it.) When you flip the lever in the water to open the door, apparently the pillar does retract to let you back in. However, when you leave that room from the inside, it goes back into the "up" position and stays there. So you have to go back through the Shrine to get out (no big deal if you've finished it).
Personally, I get Call of Home, Create Portal, and Teleport as early as I can in the game, to avoid dilemmas such as this.
-Sazerac
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