"Anytime he cant do what he wants or get what he wants sets him off"
Toddlers are discovering so much about the universe - about what is possible and what isn't possible and what is allowed and what isn't allowed. It must be incredibly frustrating because to them so many rules seem totally arbitrary.
So... I'd be trying to work out really carefully what the child is really after, and then, if possible a) work out a way to make that safe and ok to do right now (e.g. by wheeling the buggy between them and the busy road so they can walk safely without holding hands)
b) work out a way to make it safe and ok to do next time (e.g. by buying toddler reins so they can walk by a busy road without holding hands whether or not the buggy is on the traffic side of them)
c) if you can't think of a b) yet, work out a way to avoid the problem until you do (child doesn't want to hold hands or wear reins, so walk on the back streets for a week or two, maybe)
And remember that it may well be the child who comes up with a), b), or c), even if they are preverbal.
Children are going to get incredibly frustrated at the universe sometimes - it just isn't possible for them to go on the roller coaster because they aren't tall enough, say - but I would save my "no, you can't do that" for the really impossible situations, otherwise working with the child to find a solution that both you and they are happy with.