Just chiming in as another cyclist.
I've had the same curiosity of how well can a wrist HR monitor be compared to a chest strap HR monitor. So, I started getting more serious with my cycling lately and bought spin bike this Winter along with a Wahoo chest strap, cadance and speed meters for my pedal crank and wheel hub. In 2 instances thus far, 10 minute ride and a 20 minute ride I've done, the Apple watch average was the same on the 10 minute ride and only 1 beat per second off on the 20 minute ride. So I would say, the the Apple Watch gets it right in regards to HR.
Here are logs, the Left with the green cycle icon is the Apple Watch 4. The orange icon is Strava using a trifecta of sensors including the Wahoo chest strap, speed, and cadance meters.
View attachment 881857 View attachment 881858