Near where I live we've got two lanes + turn lanes on all 4 sides. It is a nightmare both as a driver and as a pedestrian. I'm not sure how that gets put in place or gets addressed as it inevitably gets busier. Traffic circles perhaps?
Traffic signals with good sensors are more space efficient, and usually more time efficient when there's congestion, and more pedestrian friendly. Proper sensor design means no or little waiting during low traffic times too. Traffic circles can help with akward intersections though, where there's more than 4 entrances or exits, and some three way intersections work well too.