Great news. We need to add a lot more traffic capacity in edmonton as we grow towards 2 million people. Hopefully a portion of the budget that has been devoted to bike lanes that will be sparsely used can be reallocated to more transportation infrastructure that is actually used.
With the inevitable population growth it is definitely going to put more demand on our roads as you note and the thing is a lot of our mainstreets and other key roads where there are no bike lanes can't be widened any more for vehicles either. Adding more vehicle lanes will just not be an option in many areas of the city.
I think that is one of the strongest arguments for ensuring there are other viable transportation options to keep people moving.