But of course. Running, walking, and bicycling each workout different muscle groups therefore each one is as important as the other.
Main goal is to be active. Sweat and put some effort into what you do.
Whichever one you actually enjoy enough to do is the most beneficial, of course.
Biking is less stressful on the joints, I think.
It's all in how you apply yourself and how hard you do it.
Either way, studies have found that doing multiple short intense sprints between intervals of lower intensity restful activity can be more beneficial than long stretches of consistent activity. Look up "high intensity interval training" for more info