No, the offence is about propelling a vehicle past the stop, not driving it, so Mr Bean's trick of pushing his car through was still an offence (as was the cyclist before him: if there had been a cycle track bypassing the light, it would have been legal).
IIRC, if the lights have failed and you've confirmed that right then by waiting long enough, you have a defence that the lights are themselves not legal, but should proceed cautiously and carefully... and I'd suggest that faffing about pushing your bike in the middle of the road would be neither.