Interesting thread, since my PRs are exactly 2:00.42 and 34:00. However, they're 15 years removed from each other and can provide perspective.
I ran 2:00.42 as a 17 year old. Basically we pounded quarters three times a week, ran 25-30 mpw (if that) and 10k was a base phase long run. I could only manage 4:18 for 1,500, 17:20 for 5k and couldn't race a proper 10k. 34:00 sounded ludicrous back then.
Stopped training after high school and returned to the sport at age 29. Brought my times down to 34:00 for 10k and ran a 2:34 marathon at age 32. A year later I decided to focus on track for a season, brought my HS 1500 pr down to 4:14 but could only manage a 2;08 800.
I missed out on the years when I could have had both abilities simultaneously (so very poor prs, relatively for the 1500 and 5000, and for the 10k as well, in comparison to the longer distances).
So... 2 flat definitely indicates higher talent/potential.
A 34 minute 10k requires more consistent distance training. 2 flat may be way out of range for older distance type runners, just as 34:00 for 10k may be way out of range for young speedsters who haven't put in the miles.
If you're in the mid-range, in your 20s and mixing up your training, with 2 flat ability you should be able to run considerably faster than 34 minutes for 10k.
which is better? Well, better for whom?