Scares me every time I watch it.
The lady cyclist was very fortunate not to go into the rear wheel arch (watch the slo-mo).
I wonder if her positioning so far in front of the ASL was because she had been crossing in the previous sequence of lights but was not quick enough to get all the way over, so had stopped where she did. This would have been a good, safe action.
However, there is no traffic light at her place - she was using the one on the far side of the road. Not doing a further check in case something was coming after the light went green was a major contributing factor. The need for this double check became more essential with her advanced positioning.
I would also agree that the bus was past its 'point of no stopping'.
A scary, lessons-to-be-learnt incident - but I wouldn't think either was specifically to 'blame'.
Just very relieved no serious injury (nor bike damage

) resulted.