I’m a cyclist who has a Peleton. I love it. It’s not always practical to go for a ride due to weather, traffic, schedule, etc, but I can hop on the Peleton and do a 45 minute or hour long class and I have seen some nice improvement in my FTP in the 2 1/2 months I have been using it. There are some cycling centric instructors who focus their classes on using the Peleton as a tool to becoming a better cyclist through technique and specific interval training that is often hard to accomplish on the road.
It works for us as my wife has no interest in cycling but likes spinning. It eliminates all of my excuses for not riding and has been beneficial in making me a stronger rider so far. YMMV.