My initial guess(tm) is a bit more complexicated. Ade didn't specify
the type of "phone" but my guess(tm) is that it's a smartphone with
Wi-Fi, cellular voice, cellular data, and Bluetooth turned on and
running. I'll take them one at a time:
1. Wi-fi is constantly looking for an access point to talk to. It
blasts out beacons and responds to any access point it hears with a 4
way handshake. Eventually, it probably fails when it can't negotiate
an encryption key exchange. All this takes some air time, which can
easily jam either BT or AMP+.
2. Cellular voice varies with the protocol, but basically does
something similar to Wi-Fi. However, instead of listening for access
points, the handset (smartphone) belches broadcasts announcing to the
world "I'm here. I want to connect" and waits for a response from the
base station. If there's nobody around, it tries again and again at
full power (typically about 250 mw). While not on the same frequency,
the typical all digital BT headset receiver doesn't have much
selectivity and can be easily blocked by a strong signal. The
distance between the back pocket phone and the BT earpieces is about
60 mm (about 2ft), which is rather close.
3. Cellular data is similar to cellular voice. In the case of LTE
(4G), cellular voice is yet another data channel and identical to
cellular data. To keep things simple, I'll assume that 3G phones
don't exist and that everyone has upgraded to LTE.
4. Bluetooth uses a completely different protocol as Wi-Fi. Wi-Fi is
DSSS (direct sequence spread spectrum) while BT is FHSS (frequency
hopping spread spectrum). When these two meet to do battle for who
can communicate, BT usually wins. To make matters worse, the original
specs called for BT to hop over the entire 2.4 GHz band, thus insuring
that coexistence with Wi-Fi is not going to happen. So, later version
of BT were allowed to spread into 3 sub-bands and switch sub-bands to
reduce interference. This helps, but does not completely eliminate
the interference.
The key here is that all the devices are on the same 2.4GHz band, all
are fairly close to each other, and all are susceptible to
interference from the others.
As for the jersey causing the problem, I think it's more a matter of
bad observation. The OP stated that
"Typically my heart rate goes insanely high when the
jersey starts flapping about on a descent at the start
of my ride".
Kinda sounds like the jersey flapping happens at the same location
every time (descent at the start of the ride). In other words, it's
the location that's causing the problem where there might be yet
another 2.4GHz source of interference at that location. The jersey is
just along for the ride.
Hint: RF is magic.