I agree. While being free from gasoline has a definite advantage, in a SHTF/bug out situation you'll be quite vulnerable to predation from the bad guys.

Post-SHTF, now that's another story entirely. A good sturdy, utilitarian bike will become invaluable. So long as it's still operational. Gonna need to have a good supply of spare parts for the bike on hand before things get bad in case supply chains break down and our LBSes are no longer an option.

Even cheap department store bikes and parts may become barter items.