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I am having trouble deciding whether I should allow getting an isolated by pushing d5. For instance, this is one of many such positions:

[FEN "rn1q1rk1/pp2bppp/2ppbn2/8/2PP4/2N2N2/PP2BPPP/R1BQK2R w KQkq - 0 1"]

Right away, I can tell that I control more space with such an advance, and I also force my opponent's light-colored bishop to retreat.

Furthermore, I get another open file, but still that does not convince me.

In theory, the isolated pawn should enable me to have a dangerous attack on the kingside but my bishops are not occupying any terrific squares. Another reason which deterred me from playing d5 is that this pawn would become very vulnerable.

After forcing the e6 bishop to c8, I think that I am only forcing Black to fianchetto their bishop, which would exert pressure on the isolated pawn.

All in all, I am not sure how to tell which factors outweigh the others in the push of the d5 pawn so I can decide if such move is correct or not.

Your understanding and judgment about a couple of things is way off.

First, you really need to understand that all isolated pawns are not created equal. If it were on an open file, then you need to worry about it becoming a weakness more (frontal attack by rooks, in particular), but here, because after d5 cd; cd it is shielded by the pd6, it is hard for black to attack d5, let alone win it. Also, again, you are mistaking the famous "isolani" positions, which is an isolated d-pawn on the open file, which can often go to d5 and create k-side chances. This is not that position. This gains space, which in some types of positions can lead to an attack if the center is closed, but here, although I like d5, there are too many open lines in the middle to hope that a k-side attack will work.

I like d5 because it gains more space, and you will have the excellent d4 square for the Nf3 after you finish developing a bit more. That is a tangible and relatively permanent plus in your position.

If you do not do it now, black should play d5, and the position is closer to level. It is now, or never, and you are not losing anything on your development because black has to move the B twice also.

Positions like this typically will come down to who can seize the e-file. Even though the c-file is also open, in practice, it is not as important as the e-file. If you can double rooks, and black cannot oppose them, often due to his pieces tripping over each other in the lack of space, you will win. Also, then, and only then, you may be able to execute that k-side attack with Re3-g3 or h3.

Also, after d5 cd; cd, there is no really good square for the B to go to. c8 undevelopes it, d7 and the Q or N also want that square. f5, and Nd4 will come with tempo. g4, and white will play h3 and either gain the B pair, or at least gain luft with tempo.

Lastly, I also noticed that black's q-side will be vulnerable after the B goes to e3. For the Ra8 to move, then a6 will need to be played, and then maybe Nc4-b6 might happen. Also, if Na6-c5, black might try to secure the N with a5, and then b5 could lead to something.

All, and all, as a Master for 34 years, I really like d5.

While the push could result in an isolated pawn, it would saddle Black with an isolated pawn as well. Furthermore, this Black pawn would make your own isolated pawn less vulnerable than most isolated pawns. It couldn't be attacked from straight ahead and doesn't provide a nice blockade square for an enemy piece. Furthermore, the Black isolated pawn cramps its position. In the long term, your isolated pawn might be more vulnerable than Black's, but if you are going for an attack the extra space could be worth it. That doesn't mean that you should push the pawn here. I would probably just castle since I'm a wimp who likes to think about my own safety before worrying about storming my opponent's kingside.

It looks like a d5 push is premature.

Keep in mind is that you have not completed development. You correctly noted that your bishops are not at terrific squares. Besides, your rooks are also not ready.
Castle, develop the dark-squared bishop, position rooks. Only then consider the push.