You need to sit down and work out the numbers, then you will understand what is going on with your body.
You seem to want to generalise by saying to yourself, "I'm working out so why am I not loosing weight" when the truth of the matter is probably you are not working out much at all and when you do work out you either do not cut back on your food intake or increase it thinking you can have a treat because you have just worked out.
8-14mps is great but it's not race pace, it's about normal speed for a cyclist, cycle for an hour you may burn 600-800 depending on your size etc get back home and have a little extra pasta for your dinner and that 600 calories maybe down to 300, have a break the next day (or 2 weeks) you loose 0 calories.
You want to concentrate on time on the bike not speed, it's the hours you put in that will lose you the weight, not the 2 minutes you knock off your best time.
It's very simple, use more calories than you take in and you will lose weight, it's a slow process, slow and steady is the way to go, no treats for working out as do you really want to eat or drink that hour on the bike away.
If I were you I would not cut back on your food intake, eat the required amount for your age/size, eat good food, a good rule is if it comes in a packet it's probably not something you want to eat, so no processed foods but meat, fish, veg, nuts and some fruit,loads of water, then let your cycling take care of the weight loss, you will then know when you go out cycling 100% of the effort/time you are on the bike is stripping you of the excess weight.
And whilst it's true some of your weight will turn to muscle so may not show as a weight loss, this is only a very marginal effect, don't fool yourself, yep you will be toning up but you should still be showing a weight loss, Arnold Schwarzenegger didn't build his muscle on a bike.