A squirt from the water bottle generally has the same effect as mace. When the dog sees something, anything coming their way, they go form the offensive to the defensive and break off the chase.

Anything up to a medium size dog I can outrun. Large dogs, My first defense is retreat; if I see a dog down the block and can turn around to avoid it, I do so and go to the next block over. If that isn't feasible, I monitor the dog. They usually don't chase, but if they do, I do the water squirt thing. Worst comes to worst I get off the bike and face the dog down. I don't see 100% of the big dogs, but I see most of them. With a bit of experience and vigilance, it becomes second nature; I have "dog radar".

Note that most of my riding is urban. Rural dogs might be different, but the few experiences I've had with them isn't too different.