Impact-absorbing pavements (IAPs) may be used as novel sidewalks and bike lanes surface layers to decrease fall-related injuries among vulnerable road users (VRUs). Therefore, a cold-made, highly rubberised asphalt mixture (56% recycled rubber in the total volume of the mix) was developed in the laboratory, and the process was then upscaled, permitting its construction on a trial site. Both laboratory and on-site tests facilitated the evaluation of the material’s mechanical properties, impact-absorption capabilities, and frictional behaviour. The field trial enabled a comprehensive assessment of the material’s performance after six months of usage by pedestrians and cyclists on a hybrid segment. Additionally, evaluations were conducted after six, fifteen, and twenty months. The results confirmed the possibility to produce and lay a cold, highly rubberised paving material with valuable impact-attenuation performances. The mechanical analysis has shown the material’s elastic behaviour and its capability to carry uniaxial compression stress leading to a 5% strain of the total height without losing its properties. Furthermore, the critical fall height (CFH) values exhibited a sixfold increase compared to conventional asphalt, thereby reducing the severity of potential injuries. In terms of durability, the pavement’s overall effectiveness remained significant even after six, fifteen, and twenty months of use. The study demonstrated the capability to cover and fill holes and damaged portions using the same rubberised and cold mixture, a crucial aspect concerning the material’s future and maintenance considerations.