Yep, which is exactly what a 35" should "measure" under load. Remember you lose the crown - roughly .5" on a 12.5" wide tire - under load, and you lose two of them per diameter. Since the average 35 only starts out around 34.7 or 34.8", the weighted rolling diameter ends up about 33.75".
I bet if you use the revs/mile number on tiresize.com and calculate the diameter (really the weighted rolling diameter) from that, you'll get very close to your 33 3/4" estimate.
OP, Stumblinhorse nailed it, IMHO. There won't be a large drivability difference between the two sizes you're considering, but there will be a little, driven almost entirely by the differences in diameter and the effect it has on effective gear ratio and fitment. If you are coming from a smaller tire, then the drivability difference between what you have now and whichever one you pick will be noticeable.
Mark