Yes, I agree that investment in public transport is very valuable, but I'll speak to the transit benefits particularly.
It is very effective. It has been studied and concluded by dozens of studies, including ones done by the National Academy of Sciences in the U.S. In fact, it is surprisingly effective.
The employer-focused transit benefit is more effective than simply reducing fares. The reason for its effectiveness is that it focuses on the problem at the work site. Many employers in Canada, and certainly in the United States, get free parking at the work site. When you offset that, you are leveling the playing field right on the playing field, if you will.