Groupset for all-road: Ultegra or GRX?

[nonprophet]

I have an All Road on the way from Pursuit and I can't decide on a group. This will primarily be a road bike (probably 70/30 paved/dirt) and I have other bikes in the quiver that are better suited to the technical stuff, so I don't really think I need the burlier components, larger hoods or other features of GRX. Ultegra checks all my boxes EXCEPT gear ratio. I worry about being overgeared with the 34 as my smallest ring and 34 as my largest cog (unless I go up to 36 with the 105 cassette which I understand isn't officially supported).

Has anyone else here had a similar dilemma? Either way, I'm going 2x12 Di2. It seems silly to base this decision on easier gearing alone but maybe that's the right thing to do.