IME No such product truly exists. It's either waterproof, or it's breathable, and when exercising NEVER are they both.
As a lifelong skier, I've sought the holy grail, and spent stoopid $ in search of the ^^^.
For walking the dogs in the rain, I use a Mtn Hardware rain shell w/ pit zips that works very well,
yet if I try to ride in it, every time I get soaked from the inside out.
For riding, I carry Patagonia's Dragonfly that weighs nothing, packs small, and breathes very well.
It is far from waterproof, gives some wind protection, and will keep me warm, not dry during a 2 hour wet ride.
For cooler weather a Marmot Wind Shirt is an awesome product, and works well for aerobic sports.
Soft shells are a great compromise, and are popular for good reason, just don't expect to stay dry in a driving rain.
OP, posted not to pee on your cereal, only to provide some hard found truth vs. all the mfg's ad campaigns.