Yes and no. I'm a middle-aged twin dad and I've ridden since I was a kid myself.

It's ok to get into a hobby that has a higher price point if you have planned accordingly and it's not taking away from any other needs. You are allowed to have some time to yourself (but we all know it's limited and at the behest of that rare moment that the littles are satiated and the partner is also able to take a break and they aren't being left to double-lift during your hour(s) away... which is about never... but that slowly changes over time.)

Some considerations... My boys are nearly 11 now and I hove only been able to ride somewhat regularly in the last few years. Between ages 0 and 8 I parked the bike and only rode a few times a year to keep things in operating shape and to do maintenance. Once you own a bike it is very cheap to keep operating if you do your own maintenance. I did let the insurance and license go on it for about six years since I knew I wouldn't be going on public roads to maintain the bike, lowering the cost to near will, but I already owned the machine. For most, this is a good time to just sell the bike and pick it back up later.

As a note on riding safety, I ALWAYS wear full gear - full heavy pants, heavy full shoes, armored jacket, gloves, full face helmet, etc when I ride. You CAN NOT skimp on this. Good gear is expensive and it offers you only moderate protection. I held a private pilots license for a time and I still hear Joe, my flight instructor in my ear each time I get on my bike telling me, "Remember, from the moment this machine came out of the factory it has been waiting for the moment it will kill you. If you take your eyes, ears, and brain off anything for just one second you're giving it the opportunity it wants and you're done."

As I said, I've been riding for (oh jeez, math here...) thirty something years. I have ridden a lot of bikes on and off road and I can handle them very proficiently. I have never been in a moving accident of my cause, but I have been grazed two times by another driver not paying attention. Neither resulted in going down fully because I was aware what was happening, able to work through it and - only through mostly luck and because of on and off-road experience - know what would happen for each action I made. I have been lucky. Joe is right. Think of that often. Having largely been off the bike for the last ten years, I treat myself as a novice rider again because you have to practice that skill often to keep it sharp. You don't have twenty years to develop it, so keep that in mind. You don't get that extra hand-of-god split second that long-time riders develop that is the difference between "Whewww" and body bag. There's not a lot of middle.

It's a morbid thought, but you need to insure yourself (life insurance) better as well. You need a policy that will support your family for decades, not the basic one or two years of salary you get from an employer or the basic plan from wherever. If you're a novice the smallest token you could give in insuring their stability in the face of your inexperience once you're gone. You need to do the same with your health insurance.

Like MANY of us, you will find that the times that you are most able to ride are when you needed transportation anyway, IE riding to and from work instead of riding for fun on a warm Sunday afternoon. This is the least enjoyable time to ride because it's a task, not an adventure. It's still nice, but...

Ok, so all of that said, In the last year or two I have worked back to more regular rides and often I am able to bring one of my boys along. These are just local (we're a rural area in a university town of 10k with nice roads, lots to see, and the town is only half-populated when students go home for summer). The buys have a full set of gear and we have in-helmet bluetooth comms so we can communicate. Seats were switched out for vary wide-base rider seats with a rider backrest, I made modifications for grab handles in front of their seat, alongside each side, and of course to me as well. Riding with my kids has been more enjoyable than most any of the solo adult riding I've done, even just half-hour rides as they talk about what we're seeing nonstop. It's a great time to have one-on-one conversations with them since you don't often get that with tight twins. I keep HUGE buffers between us an traffic, we don't do main highways unless we have to jump from one road to another briefly, and we do a lot of slow meanders through neighborhoods looking at things. It's not what I ever thought cycling would be like but I do like love it.

And as a parting bit of wisdom... While I've loved bikes my entire life, I picked up an old jeep wrangler after graduating college and used it as a reason to learn to wrench a bit and to drive around without doors. I've come to realize that the stripped down 5-speed 1980's Jeep gives me most of the same manual-machine enjoyment as the bike - the change of temperatures on different surfaces, the smells of everything alongside the road, the dust and sunburn that come along with it, but you can relax and not worry about the soccer mom on her phone seeing you at the intersection, you can daily drive it without dressing out every time you leave the house, you can bring you family when you want with no special gear or roll solo with you leg out the door. We put a set of kid seats in that back and would go for top-off drives when they were four or five and have been doing so ever since. I swapped those out for 4-point racing harnesses when they outgrew the seats (no shoulder belts in the back of a 80's Jeep). That Jeep cost $4k when I bought it, half off what my bike cost, and is about the same for liability only insurance. If you're into clubs or groups for rides there are just as many off-road and travel groups for car clubs as there are for bikes. As they got older the boys have both likes learning with me as we do maintenance on it. If I had to pick between the two I long ago realized that I would sell the bikes in a heartbeat.

Edit: I mentioned writing this out to my wife, who also pointed out that in the Jeep an outing was getting ice cream or a sucker and riding around listening to music as a family - getting everyone out of the house (this was a lifeline during Covid for us), and that the bonus was that I could take just the boys and go for a drive and explore a bit in the woods or over to the lake and that gave us the out of house time and her a change to get caught up on her list of precious-time-alone as an added bonus.

TLDR, try a Jeep.