This has been my experience. For instance, there's a ~40 mile loop in the Sierras that I've done as a 3 day backpacking trip and as a one-day run.

Carrying more means I can bring my nice camera and take photos anywhere I want to stop. But going light and fast means I get to experience the place unburdened, with just food and water on my back.

It's impossible to say one is better or worse than the other. Although I can tell you which one hurt more.