IMO the measure of cardiovascular fitness I care about most is how fast my HR drops back to a low level after hard efforts. This recovery time tells me more about my current fitness than what happens to my HR during those hard efforts. Since I moved to power based training almost 8 months ago I've found HR (which I trained by religiously for decades) to be almost useless in gauging hard efforts including steady time trials or hill climbs. Too many random variables from emotional state to hydration impact my HR but I still like to see it drop fast when I ease off the pedals.
Someone who's still holding the faith wrt HR training may give you more a more satisfying answer, but that's my 2 cents....