My perspective is from living in a big city. Hamburg in Germany. Here it is like this:
add additional time to travel to the bus stop
That is more than offset by the time and stress to find a parking place when you use a private car.
add additional time to wait at the bus stop
I would guess the average wait time here is about 3 minutes.
additional time for bus to stop at other bus stops
True, but decreases the more buses there are. The more buses, the less stops every bus has to do. And also decreases the better the planning via internet becomes. We have buses here in Hamburg, called "Moia" by Volkswagen, where you announce your starting and destination positions in advance, and the bus only stops where it has to.
additional time to account for the bus taking a route
that deviates from shortest path
True, but decreases the more buses there are. And the better we plan the routes via the internet with people announcing their route upfront.
