The app can run multiple processes at once if your system can handle it. In this case you can use the Interlaced models to deinterlace your video and upscale, while a second model does the Frame Interpolation.
Interlaced Proteus model for the deinterlacing and upscaling
Chronos for the frame interpolation
Some users prefer to run the deinterlace step in a separate app though and then just use the regular models for the upscaling and frame interpolation steps.