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Sounds like you rate it, but, that combination, to me, sounds like a recipe for trapped moisture - The insulated jacket creating body heat and then that turning into sweaty condensation when it can't escape through the wind jacket.
For variable weather riding from day to cold evening, personally, I'd have a suitable base layer and jersey then pack one jacket for later on. Also, I'm a big fan of a two way zip, so that you don't have to take layers off, you can just undo them and regulate your temp that way.
Because the top jacket (flyweight wind jacket) is amazingly small, and the insulated jacket I'm wearing anyway. Flyweight jacket + insulated jacket is the set of well performing top layers. For a day with variable weather, or at least where you're cycling day time and into cold evening, is there an 'outfit' you just wear and don't have to take off/ put back on?