In this scenario, while exercising extreme precaution, are you allowed to overtake the preceding vehicle at the upcoming intersection?

Yes, in this situation you may overtake the vehicle at the next junction. The photo shows a roundabout with signs C-12 (roundabout) and A-7 (give way). A roundabout where vehicles on the roundabout have priority (signs C-12 + A-7) is treated as a junction with directed traffic. Under art. 24 para. 7 pt. 1 of the Road Traffic Act, the ban on overtaking a motor vehicle at a junction does not apply to junctions with directed traffic.