more so than watching tv, but it depends on the type of cycling.
mountain biking can if there is lots of out of the saddle time I think.
road bike can if there is lots of climbing. because you are supporting your body as you are out of the saddle to climb
cycle-cross can because you are hoisting the bike I suppose and running with it
but you see the pattern. you are getting out of the saddle.
so as noted. there are much better ways.