Well it depends on how you look at it. I'm a proponent of vacationing as a way of getting away from your normal routine. So if cycling is part of your daily training, I'd definitely say no.
On the other hand, there's nothing wrong with using cycling as an ad hoc to your vacation (a day trip or tour cycling a historic trail for example). Just so long as its not regimented or for the purpose of cycling.
After all, breaking the monotony and getting away from your normal (and predictable) every day routine is what vacations should be all about.