Yes, road cycling can assist with weight loss especially when combined with dietary interventions to achieve a calorie deficit. A pooled analysis of 15 studies published in the British Journal of Sports Medicine showed that cycling has a favorable effect on body composition as well as blood lipids and cardiorespiratory fitness .
The recommended calorie deficit to achieve 0.5-1lb weight loss per week, is 250-500kcal per day. To put that in perspective, a person that weighs 155lb (70.5kg) burns roughly 288 calories every 30 minutes cycling at 12-13.9 mph, and up to 360 calories at 14-15.9 mph .
 Nordengen, S., Andersen, L. B., Solbraa, A. K., & Riiser, A. (2019). Cycling and cardiovascular disease risk factors including body composition, blood lipids and cardiorespiratory fitness analysed as continuous variables: Part 2-systematic review with meta-analysis. British journal of sports medicine, 53(14), 879–885. https://doi.org/10.1136/bjsports-2018-099778
 Calories burned in 30 minutes for people of three different weights. Harvard Health. (2021, March 8). https://www.health.harvard.edu/diet-and-weight-loss/calories-burned-in-30-minutes-of-leisure-and-routine-activities.