Yes. 35x12.50’s come out at around 34.5 mostly.
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The Nitto Ridge Grapplers (which is what I have 11.5 wide) come out to 34.76x11.42 so they are pretty close to actual measurements. Of course, all tires have slightly different measurements. So for sure it depends on where your tires come from.
Fun thing for me is, when I got my tires last year I was going to go with Wrangler Duratrac 35x12.5 because I've had them before and really liked them for both summer and winter. At the time I didn't want to do wheel spacers or get rims so I ended up with the RG 35x11.5 because Duratacs don't come in 11.5 wide. Fast forward 7 months and here I am getting spacers because of my pocket flares I just had to have haha.... Around and around in circles I go... I try to tell myself to stop spending money on my truck but I just can't stop myself haha...
Next round (when tires need replacing) , I will go with the Duratracs 12.5 with either aftermarket rims or continue with the spacers. I was concerned about how close you get to the ball joints and tie-rod arms, I didn't want any rubbing issues with the 12.5 wides.