Ah, another bendy person.
My wife is hypermobile, although health issues means that riding a bike is beyond her at the moment. My son, potentially, is, but competes regionally and nationally, so probably not a good example.
But there is another member of his cycling club, 12 years old, who is hypermobile, and whose knee tends to track outwards a bit. She's much more mild than her sister, who doesn't ride. Thinking that cycling is very good exercise for the hypermobile (unless you have a big crash), as movements are restricted by the pedals.
My wife also has EDS and cant ride a bike at all at the moment.
Personally I find the fact that its a non weight bearing activity really helpful - despite frequently subluxing of my hips. I no longer fix my feet to the pedals as for some reason the rigidity of this hurts my knees. If I keep it all loose down there I have far fewer problems.