It depends heavily on the driving conditions. At the US averages it's more or less break even. For instance ~600 hours/year are needed to pay off a car costing $90,000 over it's ~12 year life span. With a average vehicle speed of ~12mph assuming no additional costs for the bicycle/food a cyclist would spend ~1000 hours/year traveling and the driver at ~36mph would spend ~335 hours/year driving and ~600hours/year working in order to drive.

If we compare driving to cycling in urban areas it probably results in favorable time costs for the cyclist and if we compared driving to cycling in extra-urban areas the time cost is likely greater for the cyclist. Of course there is much more variation for the driver since if they're frugal and only spend ~$20,000 over ~12 years the time cost is likely even or in most cases favors the driver which is something that a cyclist w/ free equipment/food cannot change, but as a rule of thumb in terms of time it seems that cycling is favorable in cities and driving is favorable outside of cities on average