Certainly has a huge impact on my own mental health. My commute options are bike (2hr total pretty much without fail) or drive (on average 1:15 total) and even though the 45 min cost is not nothing, I know I’m happier, more pleasant and have less migraines when I commute more steadily by bike than drive. Doesn’t even matter about weather. I really appreciate my time on the bike to get some exercise, be outside, and just generally not be in a car.
I've kind of gone from regular biking to an ebike and it's still fun and gives exercise but gets me there often quicker than by car.
If it saves time that you would otherwise spend deliberately exercising the comparison can be quite favorable really. +45m of commute but 120m of exercise 'saved'.