I have two wind/water resistant shells in hi-viz colors. One is tighter for use in cool weather with just a long-sleeve jersey or maybe a light base and jersey. The other is a full size larger and a looser cut. This one is my outer layer for really cold weather when I might have 2-3 wicking and warm layers underneath. Worn over just a regular jersey it would flap a bit in the wind, but once I get a base layer, merino wool sweater, and a fleece vest underneath, it fits about right without compressing my insulating layers.

When you live and cycle in areas with a wide range of weather conditions, you have to have a few different options that you can mix and match to get the best combination of warm and weatherproof for the given day.