You're welcome 🙂
However: calibration won't address the major distance or speed discrepancies that you noted in respect of your cycling workout (it focuses on calibrating the accelerometer with respect to arm movements - which is why calibration requires walking or running).
Given that all of your Location Services settings are correct and that you took your iPhone with you on your bike ride, there is no obvious reason why the Workout app should have misreported the distance and speed so badly.
It is worth restarting both devices and then re-testing:
Restart Apple Watch: Press and hold the side button until you see the Power Off slider; Drag the slider to turn off completely; Afterwards, press and hold the side button until you see the Apple logo.
Restart iPhone: Press and hold the Sleep/Wake button until the red slider appears; Drag the slider to turn your iPhone off; When it has finished turning off, press and hold the Sleep/Wake button again until you see the Apple logo.
Now that we know your configuration was correct, you may also want to try unpairing and re-pairing your Apple Watch and iPhone (to help eliminate software issues). Your Apple Watch app on your iPhone takes backups of your watch automatically, including a refresh when unpairing via the app. When setting it up again after unpairing, choose to restore your Apple Watch from backup when offered the option (by the iPhone Apple Watch app). Most data and settings will be restored, with only a few exclusions - eg Apple Pay.
Unpair your Apple Watch and iPhone - Apple Support
Set up your Apple Watch - Apple Support
With your next bike ride, try to follow a route that offers good GPS reception and to ride under clear skies.
If you still get similarly incorrect results, I suggest that you contact Apple Support with a view to having your watch checked for potential hardware issues:
https://www.apple.com/support/watch/contact/