There is a difference between theoretical capacity and median travel times / actual throughput.
A street like Bloor St W through central downtown likely had overall throughput increased with bike lanes. I would be surprised if Eglinton Avenue or Bloor in Etobicoke is seeing overall higher throughput though as cyclist volumes are significantly lower.
There are ways to do infrastructure right, and I think there is some valid criticism of the City right now where their response to basically any infrastructure question is "cut it to two lanes". The City's plans for roads like Eglinton, Parkside, and especially Park Lawn are emblematic of this, I think.
To be clear I think Ford's bike lane ban is also ridiculous. There is room for a lot of nuance here.
Generally I think the City needs to shift from "quick win" cycling projects involving mostly paint and removing car lanes to more expensive, but higher quality projects which add bike lanes to roads in suburban areas while generally maintaining significant automotive capacity as well. Bloor West Village for example could accommodate dedicated cycling infrastructure while maintaining 4 lanes, for example. So could Eglinton. Parkside could see improved pedestrian infrastructure and a dedicated cycling path routed through High Park adjacent to the road. Etc.