On the one hand, the cyclist became visible in the footage at a very late stage. If that is how the drivers eye saw it they would have very little time to react, however they may have been able to do a sharp swerve. On the other, the operator was clearly distracted regardless of if they would have been able to avoid this.
"however they may have been able to do a sharp swerve." As someone that enjoys racing cars and other types of high performance driving I feel like I can pretty confidently say this isn't even remotely a realistic statement. You're grossly overestimating human response times. Even if we're ignoring response time and imagining the driver instantly turning the steering wheel, large SUVs like the XC90 simply can't genera…
But as many people have pointed out, what the camera captured is not what the human eye would have seen. The eye has much better dynamic range; an alert driver would have had more time than what we can see on the video.