Are you talking about road cycling or mountain biking? My experience is definitely with the former. I think it helps that in group rides you automatically end up riding next to someone new and chatting along. Easily breaks the ice.
I'm thinking road cycling. When I was in grad school, a decade ago, I briefly participated in a student road cycling group. It was very performance oriented as I recall. I was definitely slower than them and my heavy steel commuter bike contrasted strongly with their lighter racing bikes. I talked to some of them, but not during the rides. I was older than the vast majority of them as I recall and in retrospect that might have prevented me from making friends there.
I have a childhood friend that is cycling, but he lives in the Netherlands. There people who are cycling more than daily drivers are interested in athletic performance or activism and it kind of sucks, but he got friends skiing and scuba diving, as long as there are common interests you will find some decent people to socialize with.