Let $\mathcal{A} \colon \mathbb{R}^{n} \to \mathbb{R}^{m}$ be a linear operator. For any given $x,y \in \mathbb{R}^{n}$ and $t > 0$. Denote: $$ z = t \left( x - y \right) + \mathcal{A}^{*} \left( \mathcal{A} y - \mathcal{A} x \right) . $$ Then it can be seen that \begin{equation} \left\lVert z \right\rVert \leq t \left\lVert x - y \right\rVert + \left\lVert \mathcal{A}^{*} \left( \mathcal{A} y - \mathcal{A} x \right) \right\rVert \leq \left( t + \left\lVert \mathcal{A} \right\rVert ^{2} \right) \left\lVert x - y \right\rVert . \end{equation} However notice that $$ z = \left( t \mathrm{Id} - \mathcal{A}^{*} \mathcal{A} \right) \left( x - y \right) $$ and thus we can deduce $$ \left\lVert z \right\rVert = \left\lVert t \mathrm{Id} - \mathcal{A}^{*} \mathcal{A} \right\rVert \left\lVert x - y \right\rVert . $$ I guess that if I can find another upper bound for $t \mathrm{Id} - \mathcal{A}^{*} \mathcal{A}$ then I can improve the etimate for $\left\lVert z \right\rVert$ but I don't know how.
Edit
The main point is to express the formula $\left\lVert t \mathrm{Id} - \mathcal{A}^{*} \mathcal{A} \right\rVert$ in term of $t$ and $\left\lVert \mathcal{A}^{*} \mathcal{A} \right\rVert$.
Update (Thanks to @mechanodroid)
One idea is to try to prove $\left\lVert t \mathrm{Id} - \mathcal{A}^{*} \mathcal{A} \right\rVert = \left\lvert t - \left\lVert \mathcal{A} \right\rVert ^{2} \right\rvert$. Suppose that $t \geq \left\lVert \mathcal{A} \right\rVert ^{2}$ then he proved that $t - \left\lVert \mathcal{A} \right\rVert ^{2} \leq \left\lvert t \left\lVert x \right\rVert ^{2} - \left\lVert \mathcal{A}x \right\rVert ^{2} \right\rvert$. If we can prove that $\left\lvert t \left\lVert x \right\rVert ^{2} - \left\lVert \mathcal{A}x \right\rVert ^{2} \right\rvert \leq t - \left\lVert \mathcal{A} \right\rVert ^{2}$ then the claim is obtained.
Elaborating on the comment of @zwim:
The following proposition will be useful.
Now in our case, notice that $t\cdot I - A^*A$ is a self-adjoint operator on $\mathbb{R}^n$.
Therefore $$\|t\cdot I - A^*A\| = \max\big\{\left|t - \lambda_1\right|, \ldots, \left|t - \lambda_n\right|\big\}$$
where $\lambda_1, \ldots, \lambda_n$ are eigenvalues of $A^*A$, which are real nonnegative numbers.
As you can see here, there seems to be no simple relationship between the eigenvalues of $A^*A$ and $A$.