The Standard Code Template for Joomla! 3.4 mainly provides an update to the Joomla! 3.3 Standard code template for minor changes to the relevant core components used for the development of the Standard code templates. Very few changes were made to Joomla! core components by the Joomla! 3.4 release and any component generated from the Standard code templates for Joomla! 3.3 should be compatible and installable on both a Joomla! 3.2 and Joomla! 3.4 website.
For the full list of features supported by Joomla! 3.4 Standard code template see the Features Comparison table.