If your road is the road I think it is, I’ve lost count of the number of times I have been overtaken. And not by boy racers only. By mothers in Range Rovers, by middle aged men, usually giving me a honk on the horn as they do so, only for me to catch up with them in 30 seconds in a queue of cars.Interesting about the use of proceeds! I suppose if you have to pay for enforcement that money has to come from somewhere too.
It's true that the increased speed of drivers is problematic too. On my stretch of road one side is yellow line so what tends to happen is that those travelling at 20mph get overtaken at speed by boy-racers at speed. This is terrifying if I'm cycling and there's a car speeding towards me on my side of the road. More than once I've had to do an emergency pavement mount to avoid being hit. One of our neighbours has twice had their wall destroyed by cars losing control at a tricky point on the road. OTOH, further up the road there is parking on both sides of the road - constant gridlock, people doing 3 point turns in anger into kids outside the primary school, swearing, fighting, smashed up cars etc.
The speed problem is easily enforced by police, I think you can request them to come out if there is a problem. Although if they just do it once or twice, it won’t have a lasting impact. Just as the people who got ticketed every day for two weeks on the new yellow lines outside my house kept coming. Individuals might get put off from repeating it but no overall change in behaviour.