I don't think it is a reading into Biden's ability. I think Obama is respecting the primary process and not diving into what is a contentious race.
A quick search of the google machine shows that Bush didn't endorse Romney in '12 until May and McCain until March of 2008. Then he mostly stayed out of the campaigns. So if Obama endorses in the spring, he is on pace with that. I think the fact that he was his VP doesn't change the thought that Obama doesn't want to divide the Dem support, especially if Biden doesn't win the nomination...
Post-term, Obama has been a lot more silent than he could have on campaigns and Trump; his opinion does carry weight, but IMHO he is staying out of it per historic prescient.
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