0.3472222222222222 mm per pixel is in fact equivalent to approximately 73 dpi. Windows uses two standard settings 72dpi and 96dpi, but custom values are also supported. These are nominal values and may not bear any relationship to the physical screen. For example it is possible to have a physically 96dpi screen set to 72dpi, and this will affect the scaling of images and layout in various applications as well as the size of system fonts and icons.
The default for Windows is 72dpi, and I have found that some applications (often in their "About" and dialog boxes) do not render correctly when set to other values. If your application reports 0.34, it seems likely that it is set to 72dpi or a custom value regardless of physical resolution. When set to match the physical resolution, the page width in say Word for example when set to a zoom level of 100% will match the physical paper size. Since this metric cam be set by teh end user, it is not directly related to the actual resolution.