I walk my puppy along the MUP every day after work, and she's far too interested in sniffing every blade of grass or whining about me not letting her chase bunnies to be concerned with the fact that there's cyclists whipping past on the path. Sometimes we'll sit on the steps leading from the sidewalk to the MUP and she'll watch the cyclists go past, but she's never tried to bolt after them. I suppose that having my bike in the apartment makes seeing them on the path a lot less interesting to her.
(I also have her on a 3/8" flat webbing leash and a prong collar, so that also contributes to her being calm when we're out for our walks.)