For development I take screen real estate over PPI. The idea is to run it at native resolution while being very readable, and to be able to work on multiple documents side by side.
(And for coding you actually need height more than width, if you think of a typical layout of a code file)
I agree with you. I'd love to try a 4k screen, and was even considering it - however in the end I took my home U3415W to work and bought the X34 for home (I might game 30 minutes a week or something; the extra hz are certainly nice for that, otherwise they are pretty much identical).
I value actual real estate over PPI, preferring to run at 100% / unscaled which looks much nicer in Win10. The 109PPI (3440x1440) is decent enough, and I don't have to squint. Furthermore the DPI matches those of the surrounding 16:10 24s (1920x1200) well enough for it not to be an issue.
I am trying not to cargo cult here but I think if I need to scroll a file with 9 font on a 32"+ screen with 4k display it might be a sign of code smell (again, this should definitely not be a hard rule just saying it might be nice to stop and think why it is so long)?