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Yes, they have the same resolution in pixels and yes there are fewer words per line.
There are two approaches to character size: pixels and inches (or points, which are usually 72 per inch). If the size was in pixels, the 350 would have smaller characters but the same number of words per line. The character size is actually in inches, so the 350 has more pixels and the same physical size per character - and therefore fewer words per line.
The Hanlin V5 (vs V3), for example, uses the pixels approach, which is probably easier from a software point of view.
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