It does get pretty busy, particularly during peak times. It's the primary north-south route across the lake for the inner north and inner south suburbs and you've got a lot of workplaces at either end (both Civic to the north and the parliamentary triangle to the south) so it can attract a fair amount of traffic.
There are obviously other routes to take but closing half this bridge will cause a bit of traffic chaos both from people still trying to go this way and jamming it up and from people taking the alternate routes and jamming them up. The eastbound Parkes Way route to Civic for example is already crawling in the mornings and will receive a good amount of the flow on traffic from this so will probably be a logjam.