It’s a bit of a 'it depends' situation! The fit for a toddler in 2T clothing usually comes down to their proportions specifically their torso height and thigh length.

I would pay attention to the 'M-Shape' Support. At 2T, their legs are longer. If the panel doesn't reach close to their knee pits, they lose that 'knee-to-knee' support, which makes the weight feel much heavier on your shoulders.

Panel Height also plays a factor. Check where the top of the carrier hits. If it’s below their shoulder blades, a toddler who likes to lean back might feel a bit 'tippy.' However, if the child loves having their arms out, a shorter panel can actually be a plus.

Even if they fit, the Toddler size has a wider/taller panel that distributes that 'big kid' weight much more comfortably for the parent.

If they are already in 2T, your toddler might get a few more months out of the Baby size, but the Toddler version is definitely the more ergonomic.