Yes it is.
Art has nothing to do with taste. If you do not like the artwork it is still art. Just like if you do not like the food, it's still food.
In this case it is definitely art.
The artist gave the flagpole a change. A change in perspective. That's good. Normally we see bicycles on a horizontal plane. But he/she used the flagpole to shift this horizontal plane to a vertical. Cycling towards the flag. The bicycles captures the eye and makes you look upward, following the other bicycles and in the end giving attention towards the flag at the top of the flag post. (I can not see a flag on the flag post but I guess there is one)
So in the end the artwork has a couple of functions. It directs the attention towards the flag and it let us think a bit about direction and perspective. No it has a bit of humour as well.
I think it's a well thought out artwork. Who is the artist?