You're right that the signage directs cyclists alongside the road, but there was a bit of controversy about this. When this path was refurbished as part of the sea front improvements 10 years ago, the council included "No cycling" logos on the information boards, but the logos on the boards were blanked out not long later after a fuss was created by local cyclists. I don't know whether there was ever any *legal* restriction on cycling here, so whilst the designated route for cycling is by the road, cyclists ride along this path anyway.