Elevated? No. Ridiculously expensive for something that can be handled in other ways.
Here in MN, we're fortunate that there is a recognition that most non freeway needs either wide shoulders or some kind of bike friendly access, there are a lot of trails that interconnect all over the metro area. New bridges have bikeable paths across as well. It could be better, but it's working pretty well now.
Before we put in elevated stuff, I'd rather take that money and educate drivers and put more bike awareness into driver's ed programs in general.
J.