My experience is quite contrary. I've lived (and actively cycled) in three cities: San Francisco, London and Helsinki and although London is absolutely the worst of these three to cycle from the safety perspective, I nevertheless learned to enjoy cycling in traffic. I've rarely been more alert and present in the moment as during my morning rides to work. It gave me quite an adrenaline rush and I felt great afterwards.
That rapidly changes the moment you get knocked off. Someone pulled out on me in Clapham and clipped my panniers and nearly knocked me off. Scared the shit out of me.
Humans are just sacks of jam in an accident. No thanks.