Aside from his recent back surgery, he's reportedly in pretty good shape. They'll likely do a hip replacement depending on where the fracture is. It will be a longer rehab than his recent surgery but do-able.
Not really analagous to someone his age who is in poor health and unable to be cycling to give themselves a chance to break their hip doing it.
I'm not a doctor (much to my mom's disappointment) but I can play one on the Internet:
Mortality rates in the first year following a broken hip are around 25%, and the rates are highest in older populations. The cause of mortality following a hip fracture is often due to blood clots, pneumonia, or infection. Furthermore, only about 25% of patients who sustain a broken hip return to their pre-injury level of activity.