Yes, P2P works fine with 1.34.1.
You need to compile with the following change:
sed -i 's/tag: 4fac197b6f0d2ff60dc3486c593b68dc00969fbf/tag: 48ff9f3a9876713e87dc302e567f5747f21ad720/g' cabal.project
Otherwise, cardano-cli doesn’t work while running in P2P mode.
See: Cardano-node 1.34.1 and P2P