To me, as a bare legged bicyclist, when I see an off-leash dog, with it's teeth showing, that's angrily and aggressively barking while looking right at me like I'm his worst enemy, I treat the situation like I would if I saw a (possibly) crazed homeless person, yelling and screaming and waving a knife around.
Probably nothing is gonna happen to me as I ride past, so I try to stay cool. But when that thing starts chasing after me, that's a little different, and I think it's appropriate to be concerned. This was not a situation I created, and it sure looks like I'm being attacked. Maybe not, but I always prepare for the worst.
I was going to add something about female owners of large dogs, but wisely edited it.