You’re entirely right. Cyclists can’t take full advantage of their bikes as long as they have to watch out for pedestrians crossing. It’s equally problematic to have to be on the defensive passing every side-street.
The ideal would be to have the 3 types of traffic entirely separated. So the cycle lane is neither next to the pedestrians nor next to the cars.
I don’t know about Canada, but the UK has “the Crown” at its core. The Crown is not the same as the actual monarch. Property owned by the King and property owned by the Crown are not the same thing, for example.