A high VO2max test result, as I understand it, indicates that you are capable of taking in and using lots of oxygen in an increasingly difficult test situation.
What is the oxygen doing? It is used in oxydative phosphorylation, making ATP out of NADH and succinate which derive from the Krebs cycle in your mitochondria. The Krebs cycle is mostly fed from the products of your anaerobic glycolysis - pyruvate and lactate. It doesn't necessarily indicate that you have relatively more capillary development, tendon springiness, diaphram stamina, mitochondrial proliferation, muscle cell myoglobin (maybe), neuromuscular coordination for the speed you run at, glycogen storage, etc. It does indicates that your lung capacity, heart, and red blood cells can transfer oxygen to your muscle mass well. If you use lots of muscle mass, with perhaps lots of intermediate twitch fibers, then you can dispose of that oxygen better than others, by distributing it among all those intermediate twitch muscle cells for oxidative phosphorylation. So, you last longer in the VO2max test, making use of oxygen at a faster top speed. But that doesn't necessarily mean that you can better your long distance running or sprinting without a ton of training. It could merely mean that you have lots of intermediate fibers that give you easy speed and some stamina, as they help your slow twitch fibers go the distance, or help your fast twitch fibers last long enough in a short run.