That's not exactly how PPI works with scaled resolutions, and it wouldn't be correct to compare them that way. Yes, UI elements and text would be about the same size between the two, but it would be sharper on the 32" display due to the higher actual pixel density of 138 PPI.
3008x1692 is just what it "looks like". The UI is sized to look like a 3008x1692 display, but it's still making use of the full 4K resolution, creating a sharper image. If you're not familiar with scaling on macOS, it uses a display buffer twice the resolution you're using (6016x3384 in your case), and then downscales that to the display's resolution (3084x2160).
Here's an example using 2x scaling to keep things simple. The image on the left is how a 10-pixel wide circle would appear on a native 1080p/1440p display, and the image on the right is how the same circle would appear on a 4K/5K display that "looks like" 1080p/1440p.
View attachment 2389737
As you can see, the circles are the same size, but the one on the right is sharper because of it being upscaled and making use of the higher pixel density. It does not just simply do a 1x1 to 2x2 pixel mapping to achieve the "looks like" 1080p/1440p resolution. The same effect applies to text/fonts as well. (Older versions of macOS handles scaling and font smoothing differently, which may explain why things aren't as sharp on your Mac Pro 5,1.)