Seeing a Sign

I was walking up Holyrood Rd tonight when I saw this sign.

It is on a pole just round the corner from my flat but I cannot recall ever seeing it there before.

Anyway I had no idea what it meant and had to Google it. That left me more confused than ever for apparently it announces a "with flow peddle cycle lane" but nothing else marks such a lane at this spot and I have never seen anyone cycling here, let alone lots of people.

Confusing....or maybe I have just not noticed it and them.