I have experienced this sign many times over 5 decades of driving. If you want the facts spelled out, here goes.
Sometimes, existing road markings are obliterated by resurfacing or surface planing prior to re-surfacing. A 'No Road Markings' sign will be erected temporarily to warn drivers that priority , like give way and traffic separation, markings may be temporarily absent, and they should exert caution regarding other vehicles. The markings will be restored.
Look after yourself on such a section and slow down.
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