If you look at any of the widely-published
Metabolic Equivalent Tables, running sub 7:30's and biking at race pace are almost equivalent:
For an hour of each, and percentage compared with running:
Running.........................24 545.....100%
Biking.............................21 818......89%
Orienteering-walking.....16 364......67%
Sitting..............................1 818........7%
Of course this is not a measurement of aerobic conditioning. But there has to be some relationship between metabolism and heart rate. So I'd think aerobic conditioning from fast biking could be very beneficial...certainly better than 2:1 or 3:1.
And biking becomes the only option when injury, overuse or age prevents one from running sub 7:30 miles.