From a study that just came out
For the individuals who shift from car to bicycle, we estimated that
beneficial effects of increased physical activity are substantially
larger (3 – 14 months gained) than the potential mortality effect of
increased inhaled air pollution doses (0.8 – 40 days lost) and the
increase in traffic accidents (5 – 9 days lost). Societal benefits are
even larger due to a modest reduction in air pollution and greenhouse
gas emissions and traffic accidents.Conclusions: On average, the estimated health benefits of cycling were
substantially larger than the risks relative to car driving for
individuals shifting mode of transport.
And this from the report itself
The societal impact of a modal switch on the number of fatal accidents largely depends on which people switch from car to bicycle. If it is the average population, the impact (including risk presented to other road users) would be practically zero (Supplement Material, Table 4), but if young car drivers would switch to the bicycle, it would decrease the number of fatal accidents.
https://www.thewashcycle.com/2010/07/what-will-you-do-with-your-extra-year.htmloldId.20100723111713371

I bike every day and I’m all for more biking, but this study came from the Netherlands. The air pollution-related and accident-related mortality calculations have next to no relevance for the U.S. population. The exercise-related benefit is more likely to generalize to the US. So, for the US, I think the take-home message is "the expected gain in life from replacing short car trips with bike trips is up to one year, but it may be less, or none at all, or even harmful." Is there similar research from the US?
While the US has not quantified the data of cycling vs driving the CDC has come out with reports that life expectancy of the US is falling fast with parents expected to out live their kids for the first time in history. The main contributor to this is the lack of exercise. So I will assert that a non-cycling Netherlander will live longer then then a non-cycling American (they at least walk more then we do on average) so for Americans (IIRC) the gain in life expectancy is more like 5-10 years.
There might be as you suggest a greater offset to this gain here in the U.S. but personally I am skeptical that the increase in negatives will significantly offset the greater U.S. positive.
I will also note that I have not seen any reports about the quality of life in old age, sure you can live a long time in a wheelchair and oxygen tank but wouldn’t you want to know what are the factors to live longer without a wheelchair and oxygen tank and still be active?
Anyway I find it rather amazing that EVEN in the Netherlands there is a measurable benefit to cycling.