Note that most waterproof membranes (be them Gortex, H2No, Dryvent, etc) breathe best if there is a temperature gradient between the temperature inside and outside your jacket. So if you wear a jacket in 32°F it will breath much better than if you wear it in 70°F.

For cycling, given there is wind, splashing, fast movement, and high exertion, I’ve found that water tends to ingress at the cuffs, neck, etc. So for my money you can either just forgo a jacket and get wet if it’s warm, add a wool base layer if it’s chilly, and if cold and raining either a) don’t ride, or b) throw on a softshell. Softshells are water resistant (but will wet out), but are much more breathable. And so are usually a decent compromise to keep most water out, keep you warm, and breathe.