There is significant data…

There is significant data showing that biking has increased significantly in Toronto.

"Bike Share Toronto statistics show that ridership on its network of shared bikes has increased dramatically since 2015, when 665,000 bike trips were made annually. In 2023, that shot up to 5.7 million trips."
https://www.cbc.ca/news/science/bike-lanes-impacts-1.7358319

In terms of the environment this is significantly reducing both grid lock and reducing emissions from using vehicles. There is a direct correlation with improving bike infrastructure and increase biking.

"That’s because cycling has a carbon footprint of just 33 grams of CO2 per mile traveled. That’s up to 30 times lower than that of a fossil fuel car, and even less than that of walking or taking public transportation. "
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If we're serious about the environment and reducing gridlock this is no data to show this helping overall. Anyone driving those streets at rush hour can see there are other points causing the congestion (ie. People trying to get onto the Gardiner). If we're serious about improving congestion and the environment we would find ways to get people out of cars and onto other modes of transportation.