When the Quito came out, I had email exchanges with Paramo HQ, sent my measured dimensions, they said get LARGE. Which I did. Ordered, delivered - to USA. It was very baggy, my nickname for it was the Orange Tent. I emailed back to compare lengths medium/long, the medium was a lot shorter so figured I'd just suffer the bagginess, after a winter I found it annoying, thought about taking scissors+thread to it to take a good few inches out but sold it in the UK, where I then tried a medium, and found it in black, which initially was a special limited edition now its a standard color.
Correct it can become tight in places if you add a mid-layer, but its a far worse problem to jump up a size and have it baggy. I layer OVER mine using the Paramo Torres gilet and sleeves, which is more flexible than mid-layering. I emailed Paramo saying too big a jump between medium/long they said they "followed industry standards" which is odd because I measured the large to be a lot more than the 3" bigger chest delta.
I have a degree of flexibility of baselayer e.g a 250g weight Merino is quite warm, yesterday I was wearing a Paramo Explorer fleece under, but mostly I'm in the thinnest t-shirt baselayer as even the Quito is too warm when active above 50F.
Yes, its SORT OF a cycling cut, the hood moves with the head if you cinch both front+rear cords, good for seeing to the sides, I don't think it can be improved, the sleeves are perfect, just the right amount of room, but the VERY SHORT rear is very much NOT CYCLING.
I, like you, haven't found anything better. The 3 changes I'd make is add a chinguard, a few poppers on the front zip so can vent without letting rain in, and add at least 4" all around. The bi-directional front zip can zip up to spread it for cycling forward position or fully zip for walking/upright but the rear needs to be ideally 6" longer to be ACTUALLY for cycling. I have a Montane Velo cycling jacket, and Novaro cycling jacket and their back lengths are 6" more than the Quito so water doesnt run off onto the cyclist.
Anyhow - I really don't recommend ANYONE buy Paramo on spec, but MUST try for fit. Don't bother listening to Paramo's view of fit, their web page uses "active cut" on practically all items description, they are wrong. I still recommend Paramo, for cool wet conditions, nothing really beats it on performance, its just the fit issues to resolve.
We also should form an escape committee to get the Hobbits broken free from their prison in Paramo HQ.