The 70xx only represents tensile strength, and yes all 70XX will be silmilar in tensile strength of roughly 70,000 pounds minumum. That said, tensile strength is only part of the factor in determining overall strength of a weld.
Ductility also is an important factor too. Metal or welds can be strong in tensile mode, but extemely brittle in bending modes or shock loads or vibration modes.
Example: Take a hand file that you file metal or wood with. It is strong enough to pull a locomotive if you used it longways and applied a steady non-shock type load. Yet clamp it in a vice and you could probably easily snap it half with a small hammer with a small blow to the side of it.