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Calgary to install new in-street crosswalk signs at all K-6 schools
(calgary.ctvnews.ca)
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You are correct, that is the idea of the sign.
Though the sign is only one part (the cheapest) that should be implemented with a redesign of the high-speed road as a whole into a low speed street.
Here is a link that shows all these individual traffic calming techniques, if implemented together they make low speed streets. These are both plesent to walk near or drive on even in busy areas.
https://globaldesigningcities.org/publication/global-street-design-guide/designing-streets-people/designing-for-motorists/traffic-calming-strategies/
Thank you for the source. It has great diagrams. I love mini roundabouts for traffic calming.
Go to McKenzie Towne, that roundabout is anything but calming. Roundabouts don't calm traffic. Maybe if people knew how to drive and how to use them properly, they would. Or if the city knew how to properly design and properly sign/lane them (again, looking at McKenzie Towne), maybe then they would calm people. Instead they enrage and cause hella traffic backups.
I suspect you are conflating regular roundabouts with traffic-calming mini-roundabouts. The link above shows the latter, if you are curious.