Yes but it depends on how you use the bike.
You have fast twitch and slow twitch muscles, the higher the resistance, the more you will use fast twitch muscle and be able to possibly gain muscle.
The key to all of it is what you a good routine... correction a good regiment, diet and rest. Muscles need a few things to grow, stimulation (exercise), good nutrition (protein/good dieting), rest (muscles grow at their best while you sleep, so plenty of rest).
In a nut shell when you use your bike focus on a sprint routine (a workout varying in distance and intensity) and intervals. These will keep your fast twitch muscles engaged which will promote muscle growth. Keep this regiment for at least 2-3 days a week and dedicate 1-2 days to a cardio workout.
One of the most important things is post workout recovery. Invest in some protein and take it immediately after workout. You can take protein a few times daily depending on schedule but always take after workout and work in throughout your day since by your post you can stand to gain some mass.
Routine and rest is most important in muscle gain, especially for a hard gainer. Stick to it and good luck.