Yes, to some degree it does. Although bicycling is not a direct glute workout like squats, lunges, etc. Your glutes will still have to put in some effort to pedal, especially if you are an intense bicyclist. Pretty much any activity you use your legs with will in some way benefit all the leg muscles in one way or the other; that's why all runners have a firm butt.
Glutes are the muscle in your butt just in case you didn't know. Bigger Glutes = Bigger Butt.