So yeah, it's definitely top of mind if you're riding on those streets, but there are things you can do to mitigate risk down to a level that's acceptable for me. For the record I live in Toronto, drive to work, all other trips are on my bike unless there's snow on the ground.
The streetcar tracks are definitely something you need to be aware of. If you do your best to cross perpendicularly and avoid rapid swerves when it's raining, it's pretty safe.
I spend most of my time on separated bike lanes, which are increasingly becoming A Thing. It's great.
The only time I really have to deal with streetcar tracks is if I'm on Queen St and I need to pass a stopped car on the right. It's fairly rare, maybe a few times per year. The rest of the time I'm just passing over them going on Richmond/Adelaide across Spadina which is orthogonal and easy.
Overall: The tracks are not great, and they're the #1 thing I warn new bikers about, but they're not a huge issue once you're aware of them and know how to deal with them.
Usually I do a little bunny hop over street car tracks, and taking some time to learn these sorts of handling skills is very much worth the trouble if you intend to make a habit of commuting by bike.
They're not only dangerous because of the cracks, but they're also extremely slippery when it rains.
I'm sure they're easy to cross perpendicularly, but riding longitudinally with them and getting your tire into a crack could end very badly. If you have to go through an intersection where streetcars turn and the tracks snake all over, it would be hard to ensure you're always crossing them perpendicularly.
Do you ride on those streets, or somewhere more bike-friendly? (I suppose a fat tire bike might have no problem with those road features, and such bikes are getting more popular with cyclists who commute through the winter).