Yes, yes, yes, and yes.
Frequently commute in that way in the mornings and it's a bit of a gauntlet run. Loads of tour buses and the like, and a few cars of people who realise they can actually go that way in the morning and don't want anything holding them up.
I'll bet if pedestrianisation were suggested the traders would complain about loss of trade. Some anyway. The vocal ones. Despite there being ono parking on the street, and presumably the money for the traders in the bit that DOES get closed see their takings increase when it's shut during the Fringe.