I would argue that’s overly simplistic. In Melbourne, where I’m from, cycling infrastructure is passable in the inner city suburbs where house prices average well over a million dollars very high, and effectively only available to wealthier people. The outer suburbs, where there is no cycling infrastructure and limited public transport but affordablish housing, life is such that cars are necessary.
In cases such as this, motorists subsidizing cyclists is the rich being subsidized by the poor. I would far prefer a system where cyclists (and public transit) are subsidized by the rich, and longer term plans are implemented to remove the mandate of cars to the working poor, which in my example would mean current cyclists funding current motorists (with an intention to convert them to former motorists).