Ookay. So here's how it works.
Breathable fabric lets water vapour through, right? And it does - that's a fact. So if you sweat and it evapourates off your skin, it'll go through the fabric at a certain rate. However if you sweat too much, liquid will form on your skin ie you feel wet - and that's not going to be magicked away by breathable fabric. So what you need is something to help the liquid sweat evaporate from your skin.
That's why you ALSO need a base layer under your waterproof which soaks up the sweat and transports it to its outside, from whence it can evaporate more easily, a process known as wicking. Lots of base layers are advertised as wicking, some are better than others. Most reputable brands are good, but I have to say in my experience merino isn't quite as good as synthetic for wicking and is also warmer which can exacerbate the problem.
If you are cycling hard and you're warm hence sweating a lot, you'll most likely produce far more sweat than could ever be shifted through eVent. The only option then is to cool down by opening up the zips and vents.
You may want to consider not using a waterproof at all. Even if its raining, you can still stay warm and cosy using appropriate clothing and a windproof layer, which will be much more breathable than a waterproof. You are only wearing the waterproof when it's raining hard, aren't you?
To dress appropriately you need a base layer for sweat wicking, as much fleece insulation as is appropriate (fleece transports sweat nicely) and an outer shell to stop the wind ripping through you, if it's cold.
I ride in windproof, fleece and base layer if it's cold, then I lose the fleece if it's above say 5 degrees and use various thicknesses of base layer until it's maybe 15 or so when I'll ride in just a base layer.