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This is more of a compatibility question. If you work in a corporate environment, then you would need to make sure that everyone is using the same version since these are two major versions and have a lot of difference, including how the licences are managed. There are differences to the APIs and things like how the mapstrings are formatted.

If you are using it for research, then v34 may be better just because more bugs have been fixed (but there are some regressions) and some features have been added.

Also, be aware of the Python version supported. v34 supports Python 3, so if you must use Python 3, then you must use v34, though a lot of bugs have been reported with this PSSE version. One thing to note that is that Python 2 is now officially obsolete. You can of course continue to use it, just bear in mind that no bug fix or new developments would be added to Python 2.

Another thing is to do with the GUI/SLD, where if you use v33 on win 10, then you may have blurry SLD and it could take a long time for the SLD to respond to commands. Siemens claims that v34 is better for this issue but I still see problems reported on this forum.

For detail improvements of v34, you can contact Siemens and request a copy of the release note. It's a big document.