I wouldn't be so quick to call it a wrap. There's a whole lot more to difficulty than just the watts, and after training both later in life I can't at all agree that what you train is automatically easier.
I could double or triple my running miles and it still won't make it any easier than cycling, even for short runs. On the other hand, when I climbed on a bike at my late 40's it was darned hard. Three miles was hard. It DID quickly get easier so I see where that's coming from, but at this stage in life it's taking a lot more for the same kind of gains in running and jogging.
It sounds like I'm arguing both sides, but I'm really saying it's just not that simple.