I ordered this cycling jersey in size S (women’s fit) and followed the size guide. For reference, my waist measures 74 cm and my hips 96 cm.
In the end, the jersey fits very close to the body. It doesn’t bother me too much, but I definitely wouldn’t go any smaller. Also, I don’t have particularly large arms, yet it still feels quite tight in that area.
I would recommend going one size up from the size guide if you prefer a more comfortable fit.
That said, the jersey is very nice with bright, vibrant colors.