If done properly, dedicated right turn lanes (and dedicated left turn lanes) can be a good thing for pedestrians and cyclists. Allows for dedicated turn signals, which allows fully protected turn phases which can completely eliminate conflicting traffic movements, so there are no turning cars at all when bicycle/pedestrian lights are green. For this reason, you see one lane splitting into 3 (right turn, straight, left turn) on almost every Dutch two-lane arterial or major collector road (basically, whenever you can expect a non-negligible number of each traffic movement).
It's not unprecedented in Toronto,
@reaperexpress made a really good video 10 years ago about protected turn phases at Eglinton and Allen:
Certainly getting rid of the right turn lane would afford more space for the cycle track and buffer space, but the same right turning conflict still exists, only there would be no way of eliminating it by installing an extra right turn signal.
(that said, I doubt Toronto would start widespread implementation of such protected signal phases anytime soon, we still have just started figuring out how to do the hard infrastructure properly, let alone these 'invisible' measures)
EDIT: Actually, looks like the project at Bloor/St George has a westbound to northbound right turn lane for exactly this:
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