I think the key thing to remember is that for 2 tubes of equal diameter, wall thickness and butting profile, the 2 tubes will behave exactly the same in terms of stiffness regardless of the steel alloy and will be the same weight.. A theoretical frame constructed from the cheapest, lowest ‘quality’* steel will ride exactly the same as a frame constructed from the highest quality available steel if the tube profiles are identical. It wil also weigh the same.
In practice, the higher strength (better quality) steels can be drawn with thinner walls and shorter butting profiles without compromising the strength (among other things) of the frame. This is why higher end tubing produces lighter, stronger (and possibly better riding) bikes.
To answer your question, the higher end Reynolds steel will be better. If you count lighter, stronger and stiffer as attributes of being better. But not (directly) because of the material but because of the tube profile.