It can be if you can do it in good conditions. You need some good quality asphalt to ride on, and an environment that doesn't require so much concentration to safely ride through that you can't enjoy the ride. I'm quite lucky here with many kilometers of protected bicycle paths in the city and shared pedestrian/bicycle paths following the river and surrounded in greenery.

I think it counts as exercise, of course excluding electric scooters. I certainly do get tired after doing 10 miles in a single trip...