in my experience cycling will definitely drop a lot of weight off of you, similar to running. About 2 years ago i was riding a couple hundred miles a week, not competitively, just because i enjoy it and it gave me hours at a time to sweat it out and let my mind wander. At that time i was 6' about 176-180, and doing circuit training to compliment my riding(read, VERY little heavy lifting).
I was weak, and didnt like it as i had lifted previously in college. SO i started riding less and hitting the gym more, and started CF combined with 5/3/1 at the beginning of this year. I sit right at 200 right now, carry much more muscle, am much stronger and feel better about the way i look honestly. Ive had a bunch of people at work notice and comment how much better i look with some muscle on me, and clothes just plan look better on people with muscles.
Long story i know, but the jist is i still ride once every week or so with friends and just to unwind a little. It IS a good bit different experience however, even though im stronger i also weigh 20lbs more, and my "strength endurance" i would call it is down from not riding 3-4 hours several times a week.