How things proceed will depend in part on what level of litigation your case is at - whether you are talking about a District Court judge or an administrative judge. The question is not whether it will get reversed, but whether or not the agreement will be approved. The agreement has to comply with the law. It will be reviewed to make sure the agreement is legal in that regard.
Not so much reverse as delay. If the Judge disapproves the settlement, it is usually because he thinks it is unfair to the Injured Worker. It might be set for a Conference, or the Defendant may be offered the opportunity to correct a deficiency in the amount (add more money). They rarely step in to benefit the Insurance Company.
We give free general concepts to be helpful, but you should give ALL your facts to a licensed Attorney in your state before you RELY upon any legal advice.