We ride with a Action camera also. When the DJI Osmo Action (1) came out I jumped on it. That little camera has been great, prior to it I used a Rollei version. lots of work in post, image stabilization, add in audio (separate recording). And now for a portion of time we are using the Omso 5 pro (dunno why pro...) and the nr 5 is really a big leap into the future.
EIS is really good. I perceive the colors out of the camera better (so no flat profile and post color editing needed anymore) and the audio is really good (also we use a mini mic). Bigger sensor give good low light images and the battery runtime is superb.
Budget wise you could also get a Osmo 4 (if still available) or if you are on a big budget jump to the newest model. also think ahead with picking a mounting style for on your bike. I had some clamps on the bike with all heaving a magnetic base on it for clamping onto the Osmo case. It sounds great... but since a few months we have a ram-style plastic magic arm from Neewer, easier to get stable, moves fast from tube to tube and has a very wide clamp, so it wil also fit on fences and poles for some of the bike shots (cycling into the camera shot or out of it...) and it also work ok-ish as a handle when used of the bike during a tour.
For my former job I used to shoot technical video's as guides for bike dealers with my own studio setup where I used two semi-pro camcorders, I must say that every time a work on a cycling video with the Osmo clips I am still baffled by the video quality such a small camera can produce.
