What's the alternative, getting in your 8mpg SUV for a 10 minute drive, with most of the time spent starting, stopping, and waiting at a light or stop sign, and cruising around the parking lot looking for that spot that is 10' closer to the store entrance.
I definitely think it is helpful because it contributes to an overall lifestyle of getting off your butt and onto your feet. A 49 yo friend of mine recently PB'd in the marathon, running sub 3. In addition to increasing his mileage, he also had a lot of junk miles from bicycling back and forth to work and to the track. The bike rides were only about 15 mins., but it kept the legs going when they would have otherwise been at rest.
I wish more people would learn to walk or ride bikes places instead of always getting in the damn car. Kids especially need to learn to use their own locomotive powers to get places, rather than being shuttled around by the soccer mom in the minivan or worse yet, Chevy Suburban.