The 200k means the number of tokens in the context window. That means it can operate on very large sets of data at the same time. To convert from tokens to words, it's about 150,000 words (modulo grammar and other facts of life).
For example, here is an experiment on long context recall for Claude and GPT4:
https://twitter.com/GregKamradt/status/1727018183608193393
https://twitter.com/GregKamradt/status/1722386725635580292
Even though claude claims 200k tokens context, perfect memory stops at about 19k tokens.
I'd personally expect the Yi-34b models to perform even worse at the task, though I have not tested it.