Rules apply to them but they aren't driving a 2-3 ton hunk of metal that's basically a murder machine. Their danger to other road users is much, much lower than from anything self-propelled just due to physics.
Here in Sweden it doesn't matter how much right of way you have, if you are driving a car you're responsible for the safety of others in the road, even more if they're a pedestrian or cyclist. It's not excuse that a pedestrian was jaywalking or whatever bizarre law to limit access to the road for people you got in the US, you are ultimately responsible for the safety of other users. You're drilled and tested on that in your driving lessons and exams, you will fail your driving test if you fail to yield for a pedestrian at any moment, even if it was just briefly not pressing the brake pedal way before another road user is in danger.
This is a false equivalence, yes, the road is shared and has rules but one user of the road is safely driving on tons of metal powered by hundreds of horsepower, the other is pedaling a bike.
Degree and level matter. Don't hold such a black-and-white view of the world, it's reductionist and not very smart.