I use alternate means when necessary, since I think specific training creates specific adaptions. One caveat is that bike work is technically forced cross-training when traditional options are not the best decision, so one can get overtraining issues when one does the wrong progression or too much of the alternative thing. Bike seat heights, RPMs, resistance levels, durations of rest and output, and of course volume are all variables to juggle.
Sometimes I use bike work as a tempo replacement and have used it to do speed, acceleration, recovery, speed endurance, and capacity work for sprinters with nagging issues or those without access to good surfaces during indoors. I am getting good feedback from a few athletes with the Ergophase program, DJay, and the Sufferfest videos. Let’s face it, biking is not fun with stationary machines and a little feedback and gaming makes a routine a little more spicy.