I don't think it has completely evened out, at least for major cities I believe there's still a lot of cars on the road (resulting in jams).Bicycles actually did receive a big comeback push roughly 5 - 6 years ago.
Cities started rebuilding their bike lanes after taking them out.
This coincided with the bike sharing boom which went way too far and then there were the videos of angry shopkeepers throwing discarded bikes into rivers and stuff. (One extreme to the other)
I haven't looked into it too much since, but I'm sure it's evened out.
With that said, not completely sure how things are on the ground in China, what's more it's always gonna differ from city to city, as well as districts within cities (and time of day).
Smaller cities/towns do experiment with stuff like a lot more bikes/public transport as well (one is apparantly even 100% EV).
At the end of the day, expect things/conditions to improve, since there will be experts on this (I think moves like more EV public transport in buses/taxis, possibly even autonomous/driverless, as well as 'newer' cities like Xiong'an and reduction in size for the tier 1 cities etc. will all help).