have you tried this before? my experience is that compared to dieting, it doesn't work, you just get to eat more. it becomes harder to keep to a deficit firstly because you have no idea where your tdee is from day to day as your training load varies and secondly because your body is pretty much always demanding food whether you're hungry or not - appetite is pretty constant regardless of training load.
plus it's time inefficient. if you're doing decent volume then you might be spending 10hrs in a week on the bike which in reality will actually take you more like 15hrs by the time you include overheads. that will burn maybe 7000 calories (assuming 700cals/hr which is pretty high intensity), less the 3000 calories (300cals/hr) you will eat while riding putting you at about a net4000 calorie deficit per week. that's about 600cals per day which is pretty easy to do on a cut and pretty easy to ruin on a daily basis when you're tired and hungry from a 10hr/wk training load.
so yeah, i guess you gotta do what works for you, but if losing fat is your sole aim then the decision is between spending heaps of time burning cals so you can eat more or just sucking it up and not being a bitch to your appetite. 1 way lets you sleep in and allows you heaps more free time. i know which way i would go...