Unless an area is both inefficient and exploitable, it is plausible that it will go unfixed for a long time.
When you start viewing it in those terms, you find obvious inefficiencies everywhere.
Fortunately, the state I live in (Indiana) finally passed a "dead red" law a couple years ago, meaning that I can now disregard that red light and proceed through the intersection anyways (assuming it's all clear and safe to do so).
https://en.wikipedia.org/wiki/Induction_loop#Vehicle_detecti...
Sadly there are laws that require each light to be green for a minimum period, so all these really do is keep one phase of lights on longer at rush hour.
I can't see a reason it should take more than a few weeks to round out an intersection and remove the stoplights/stop signs.
The government just upgraded a traffic-light-controlled roundabout where I live, and enlarging the circumference in order to provide more queueing space was one of the considerations mentioned in the public consultation doco.
Also bear in mind how large, possibly articulated, vehicles have to navigate roundabouts versus how they can navigate box junctions, especially since the approaches to roundabouts by design slew approaching traffic to one side. (This is a consideration that for smaller vehicles brought about the idea of the mini-roundabout, and is also behind having overrun areas around reduced central islands.)
Anecdotally, in my area there are no red light cameras so most people in that situation just stop, look, and go.