The hike to this Canyon is one of the very best along the Ring Road. This place looks straight out of a fantasy book or movie. Definitely with a stop and the hike! Also: nature here is very fragile and there are a lot of birds nesting on the cliffs. Leave no traces and do not disturb wildlife with drones :)
The hike from the parking lot to the canyon and back is about 4km and the main trail is well marked. Great spot, great hike with a view over the glacier and rather few tourists.