On my local canal towpaths there are plenty of signs reminding cyclists to give way to pedestrians. I've been riding them for years with no issues but I always stop and pull my bike to the side, quite often pedestrians have waved me on as I am slowing.
From the CRT website:
The Towpath Code
Remember: Share the Space, Drop your Pace, It's a Special Place
Please be thoughtful and considerate when using towpaths.
The following applies:
- Pedestrians have priority
- Cyclists must slow down for others
- Take extra care when passing people, pets and wildlife
- Respect people using the waterway for activities like angling, boating or paddle sports
- Wheelchairs, mobility aids, cycles and legal e-bikes are allowed
- E-scooters, motorbikes, modified e-bikes and other unauthorised vehicles are not allowed
- Keep dogs under close control and clean up after them
- Take litter home