The feature in question, 
https://www.openstreetmap.org/way/87275986

Doesn't exist.  While a couple artifacts exist, the canal is long gone and was previously removed, as it no longer exists and was only mapped for "historical" reasons - even by your own admission.  The canal was originally replaced by subways, then replaced completely by the freeway.  I would argue that it ceased to exist when the water stopped flowing and rails were laid (otherwise how well did trains work in the middle of a wet canal?!?).

The canal doesn't exist under the broad street bridge.  Only thing left are some rails.  The canal was replaced by rails many decades ago and is definitely not a canal (Confirmed on foot, with my own eyes, and from reading articles, etc.)

Where I-490 and all the homes are located, yeah, it doesn't exist.  This isn't just from aerial imagery, I have lived in Rochester for years and have driven I-490 many times.  The only time there was water was when it flooded and rained heavily, but never enough to say, "hey, there is a canal here".  It was a relic of the past and no longer exists.  Railways going through houses and parking lots - they have were dug up, removed and replaced since a house needs a foundation and parking lots/roads need a good base.

As far as adding "OHM=yes" - that still does not address the issue.  The feature does not exist.  It may have at one point but does not.  The community seems to agree that things that no longer exist and are only mapped for "historical" reasons belong on OHM, not OSM.

Maybe it's just me, but I don't understand why there is resistance to adding it to OHM where it is designed for "historical" features where it can live on, while OSM is purely for what is there *now*.  *Now* there is no canal or railway pieces down the middle of I-490.

The wiki on features that no longer exist (like some of the railways and the former canal) makes no mention that it NEEDS to be added to OHM by the person removing it.  It simply states that it should be removed.  This makes sense since the person adding non-existent and no-longer-existing features would be the one with the sources to validate it ever existed and would be able to add it to OHM.
https://wiki.openstreetmap.org/wiki/Nonexistent_features

Additionally, names should not contain "(historic)" as this is a description not the actual name.  Even this page states "No longer existing objects should be deleted."
https://wiki.openstreetmap.org/wiki/Names#:~:text=apostrophe%2C%20one%20without.-,Name%20is%20the%20name%20only,-The%20names%20should