Like the above, my outer layer is mostly wind proofing and/or waterproofing and I use a wicking inner layer and midlayer insulation to suit the conditions and my work rate.
Cycling jerseys are not the best midlayer, all those zipped pockets can stack up uncomfortably.
Winter jackets need to be more generously cut to accept insulation with a high collar. A hood is useful for off-bike use.
I do use a pile and pertex insulated jacket when it gets to near freezing. This is contrary to layering theory but more convenient for nipping in and out of warm buildings.