The intended use is hobby, persons communicating outdoors in typical rolling hill suburban areas with no major obstructions. I am aware that there are many potential variables.
There are Friis calculators on line that can help you determine the signal loss in free space based on frequency.
Keep in mind, that's in -free space-. Topology around you will not be included in that calculation.
I think the difference between 2 meters and 70cm is around 10dB, if I recall correctly, with 70cm taking the hit on range.
But, variables, and more variables...
The antenna on your hand held will absolutely play into this. Most dual band antennas are more efficient on UHF than VHF, so the UHF side of your radio may work better than the VHF side. Double that if the radio/antenna on each end is the same.
The body of the radio acts as the counterpoise, and holding the radio in your hand provides some capacitive coupling through your body. Cheap plastic radios don't do this well. Larger, better designed radios with a metal chassis/case are better.
The sensitivity of the VHF side versus the UHF side will matter, after all, there's two radios (at least) involved here.
Power output, and ERP, are something to consider, goes back to the antenna efficiency above.
In my particular applications, in my particular topology, and my particular radios being held in my particular hand, I haven't noticed a huge difference between VHF and UHF. But it's something that's worth experimenting with. Trouble with overly generalized questions like this is that it does not take into account all the particular variables involved that we know nothing about. But, like I mentioned above, if you are the other user are floating in the atmosphere a few miles up with nothing around you, the VHF should have a bit of an edge.