Binaural sound is way better than simple stereo. (Check the reference example.) But to get good binaural sound in an active setting is rather difficult because of all the vibrations and distracting sounds that don’t belong in the mix–especially when cycling. I really love TerryB’s messenger videos but the sound—as good as it is—suffers a bit from being not as immersive as it could be. Mostly this is because he is filming the subject from behind even though the sound is being fed from the binaural position of the rider. A much better setup would be to monomic the subject (when needed) and to setup binaural mics at the locations of the ears relative to the camera itself (or very near it). This way the viewer gets the true ASMR immersion, but the subject can still communicate. This can easily be accomplished with two remote, two-channel mic systems combined. One with channels on the subject and another on the person filming and another system just for the binaural audio.
I’m also not a fan of the intense breathing. In fact, I’d rather not capture that at all and just capture the sounds of the environment itself. This is particularly important when video documenting Strava routes that are designed for people to watch while indoor cycling and promote the person doing the cycling to immerse themselves fully. I’m experimenting with a binaural rig that attaches above the camera (wrapped in small rig case) on top of a vibration dampener. If it works, breathing will be secondary to the rest. Unfortunately, the clicking of the shifters will be pretty loud, however.