The scale of the roundabout matters as well as traffic levels. In Europe many roundabouts do not function well during high volumes of traffic
Source? Never encountered one. Yes you may need a signalled roundabout at large intersections but at that point you'll likely want to consider over/underpasses rather than intersections.
With only one lane on the UVic roundabout and relatively little space between the exits, it is not well suited for a constant flow of traffic.
Really the only time when roundabouts are not better than lights is when there is a heavy imbalance in traffic flows. Not really the case there so should work out well.