my taking others words
Given your response: yes a reasonably hilly undulating loop. Intensity, %HR, gearing, gradient, distance are all important and to a large extent interrelated.
Picking the eyes out of other points (my presumption*):
I read (assume) from your words that you work solidly on the climbs, perceived intensity (see Martin318is), gearing obviously plays a part.
rgmerk makes the good points related to how you attack the ascents.
Hard charging seriously fast hill climbers would probably subscribe to a view similar to RDV4ROUBAIX.
You could also compare your ride with a Cat 4, 3, 2, 1 or Hors....overgeared
All valid views, pick the one/s that resonate/s with you. Whatever you choose...it's all good!
*Apologies if I have misinterpreted any post..."possible red face"