The 3.340 ovarall length is the max spec for GI ammo, which is actually written as 3.330 +.01-.00. It is about all that will clear the magazine in some rifles.
In newer 03s and most A3s, the chamber will accept longer rounds, WWI era rifles apparently had less freebore, and will not accept longer rounds.
My 1909 era RIA rifle will not chamber the Danish ammo, for example, but WWII era rifles will.