Cyclic Prefix Direct Sequence Spread Spectrum (CP-DSSS) is a promising solution for futuristic 6G ultra-reliable low latency communications (URLLC) and massive machine type communication (mMTC) applications. We propose that in such applications, the CP-DSSS waveform would operate as a secondary network at the same frequencies as the primary network but at much lower SNR. In this paper, we evaluate per-user capacity of CP-DSSS when simple matched filtering (MF) is performed on the uplink (UL) and time-reversal (TR) precoding is used on the downlink (DL). In this setting when operating in the low SNR regime, CP-DSSS achieves a per-user capacity that is near the optimum single-user capacity. TR precoding converges to the optimal capacity as the number of antennas at the hub/gateway increases. Using the estimated channel impulse response for MF and TR introduces little to no capacity loss. Given the near-optimal performance of MF detection and TR precoding for each of the users, CP-DSSS can be implemented with simple device transceiver structures, reducing per-unit cost for massively deployed 6G networks.