It's more nuanced than the headline, but yes. If other steps are taken; redesigning and re-engineering the roads, changes to road laws, changes to driver training and education, etc, then bike lanes can be effective. But not if all that is done is simply painting a line on an existing road.
To me, this is really the key to the article:
The commissioners also call for an end to car-centric transport planning and a move towards investment decisions that “account for the true cost of car use to society”. They argue that current economic appraisal models used by the Treasury to decide whether to fund a new motorway or a segregated cycle lane “do not take full account of the negative consequences of making private car use easier, nor do they take full account of the benefits of walking and cycling on our health, wellbeing and environment”.
This approach has led to “systemic undervaluation and underinvestment in sustainable transport,” they argue, and urge the Department for Transport to change its appraisal methods “to focus on efficient use of road space and total people movement, rather than being based around capacity and journey times for vehicles”.