There's a junction on my ride home with a cyclepath that bypasses a traffic light - if you ride in the green painted cycle lane before the junction, you're guided automatically off the road, and then back on again just after. I think it is designed to avoid a bottleneck at the junction, which is a single lane, with double lanes before and after.
I use it - but in that case to not use it would mean actively moving out of the cyclelane into traffic, so it's easier to just bypass the light, whether it's red or green.
If it's legal, do it. 'They' are always telling us to get on the cyclepath, so take advantage!