Bicycle is a vehicle going at significant speed. A cyclist is not a pedestrian. Pedestrians can quickly jump to the side away from the road while a cyclist would crash if doing that.
Pedestrians should face oncoming traffic if walking on road without sidewalks, since this allows quickly jumping away from the road should the pedestrian encounter a dangerous situation. A pedestrian walks maybe at 5 km/h, so on a road with 60 km/h traffic the choice is between 65 km/h delta and ability to quickly jump to side and 55 km/h delta with no such ability. Since kinetic energy is relative to the square of the speed, the difference is only about 40% more kinetic energy when delta is 65 km/h compared to when delta is 55 km/h.
A cyclist on the other hand goes at 25 km/h. If cars go at 60 km/h, the choice is between 35 km/h delta and 85 km/h delta. This is 490% more kinetic energy or in other words 5.9 times the kinetic energy if the delta is 85 km/h as opposed to delta being 35 km/h.
So if cycling on the side of the road, the cyclist should definitely go with traffic rather than against the traffic. What about dedicated cycling facilities, then? They should also be on both sides of the road so that the cyclist can go with traffic.
There are the following two dangers when riding against the traffic on dedicated cycling facilities.
A cyclist and car driver are going to the same direction, with cyclist on the wrong side of the road. (I assume right-sided traffic here). Car driver decides to turn to left, signaling well in time, but there is oncoming car traffic so the car driver must wait. There is a very short break in the traffic. The car driver decides to quickly utilize that short break, and goes fast to left, trying hard to not collide with oncoming traffic. But oops! The car driver didn't know that a cyclist is arriving since the cyclist arrived from behind, not in front of the car. The car hits the cyclist and the cyclist crashes. If the cyclist had ridden on the correct side of the road, this would have never happened since the cyclist would arrive from front of the car.
Cyclist is going to the wrong direction (wrong side of road). (I assume right-sided traffic here). Car driver approaches an intersection from the side, on a side road, and turns right. Since car driver turns right, the car driver must yield to traffic only from the left side (assuming a non-equal intersection here). However, the car driver didn't take into account there are cyclists going to wrong direction. The car hits the cyclist and the cyclist crashes. If the cyclist had ridden on the correct side of the road, it would have arrived to the intersection from the left side of the car, and the car would have properly yielded.
So, dedicated cycling facilities, if they have intersection with car traffic, should always exist on both sides of the road and the cyclist should ride in the direction of the traffic, rather than against the traffic.