Mostly on board with what you say, but for me the time difference is less.
For my drive, it's a choice between 100 blocks of red lights, or taking a loop way around the city and back in.
In the morning, I can drive it in 30-35 minutes. Evening rush hour can easily go 45 to 50 minutes.
The bike ride is 62 minutes - so not that big of a clock difference.
And about 50 of that is a greenway that goes pretty much straight from my house to work.
And the quality of life difference is not even comparable.