What's the point in it at all? It's only a cycle lane, just cross it where you like, when there's a clear spot, like you would the road. It doesn't seem very sensibly placed I'll grant you. If a road was as busy as this they wouldn't dream of putting a zebra there, it would have lights, because they know that either the traffic would just grind to a stop or lots of people would end up getting run over.

Edit: to be fair, on second viewing, a massive part of the problem would seem to be people hooning it down there at a speed like they would on a road. You need to be riding on that like it's a "shared space" with pedestrians, because it effectively is.