Pretty much the same story only one is about double the length of the other. Is it twice as much depth to the story, twice as many events that happen, or a combination of both?
I would expect the uncut manuscript to be very wordy, full of unnecessary detail and off-topic events that don’t contribute directly to the main plot. It would hardly be polished and therefore have many loose threads, rough spots that don’t read well, even typos and grammar errors. Chapters, paragraphs, and sentences might not be in good order, making for a boring read. Five or a dozen words might be used where one or two could do the same trick.
To answer your question: No, the long manuscript is not likely to have more depth but less. It will be the same story but not told very well. It is twice the length because too many words are being used. A few well-chosen words cutting directly to the chase will make for a clearer and more interesting story. Take the time to edit.