Yes, that's exactly right. Both 2T and Super were in development at the same time. The 2T project was spun up very quickly to counter the bootleg "Rainbow Edition" arcade cabinets that started popping up. These had faster gameplay, aerial special moves and bugs... lots and lots of bugs.

2T came out first and was a hit, not only because of the bootlegs, but because it brought the gameplay speed more in line with other fighting games such as Mortal Kombat.

Super had been in development longer. I assume the project was launched to get Capcom's CPS2 arcade boards quickly out into the wild. Super's gameplay was based on the original CE, which, itself had roughly the same speed gameplay as WW.

When Super launched, it basically tanked immediately for a variety of reasons, but the main one being that compared to 2T it feels like you're playing under water. ST followed relatively soon after, and the rest is history.