When I use overtrousers for cycling, which isn't very often, I have the old version (2011) of this:
https://theomm.com/product/kamleika-pant-2/Not so baggy as a lot of overtrousers designed for walking, and a bit stretchy. It works reasonably well for me in fairly cool conditions and/or for reasonably short rides, but must be combined with decent overshoes, otherwise the rain runs off the trousers and soaks shoes/socks. In the same conditions, a Paramo Quito jacket works reasonably well for the top half, this has lots of zips which can be opened to provide ventilation to get some kind of compromise between getting soaked from rain or getting soaked from sweat. But if it isn't too windy I prefer a lightweight cycling cape, which provides better ventilation and generally keeps the rain off my body down to the upper thigh level.
In warmer conditions "Rainlegs" over cycling shorts, with bare lower legs work better than overtrousers for me, as I build up too much sweat under any waterproof layer, even Goretex. If I know in advance that I will be riding in moderate to heavy rain I have an old pair of leather cycling shoes with a lot of holes punched in the uppers (maybe for lightness, maybe for aeration), which I wear without any socks.