It sounds good to me. That's 90 mi/wk, ~7 hrs commuting, ~3 hrs on weekends, plus strength training (~2-3 hrs). It depends on your goals. Give it a few months. If it's not enough consider lengthening your ride, either home or to work. You don't have to lengthen it every day either. Again that will depend on how you are doing and what your goals are.

As far as losing weight goes, it's been said before, diet rules when trying to lose weight. Exercise is more important when your primary goal is becoming fitter. Balance is everything and I can't talk either. I need to lose about 10lbs myself.