Overall does what it says w/ consistency issues
App works as advertised with peloton bike and AirPods Pro 3. I had some issues consistently connecting to the bike but the developer was very responsive, answering within minutes on a Saturday and offered a workaround that works.
One or the other
Unfortunately you can’t connect your airpods for audio and HR at the same time. So for example if you are using a Peloton bike, it’s the HR or the audio but not both.
Response from developer
Jake, I encourage you to give the new version a shot. I made some changes that allows you to sync audio using the peloton app. Audio and heartrate at the same time.