What is the meaning of the following traffic sign?

1. Correct answer: Two-way traffic on the road ahead.
2. Entry to the boundaries of an urban road/s.
3. Give right-of-way to drivers approaching from the opposite direction.
4. You have right-of-way over traffic from the opposite direction.

WhyTwo opposite arrows warn that the road ahead has two-way traffic. The sign gives you no priority over oncoming traffic.