I think you're super bolusing wrong. A super bolus is supposed to involve stopping basal completely, or significantly reducing it and adding the lost basal onto the bolus. You are only reducing your basal by 10%, which is, frankly, pointless.
If you're going low 2 hours later, you might need to consider reducing the basal for longer before eating, but not adding all of the basal lost onto the bolus.
Or just find something other than cereal, or choose a lower GI cereal, or try it with whole milk to see if that reduces the spike.