It depends on you. If you like it and have fun, that's all that really matters. The 700 combo did not smoke you, the rider did. Yes, he/she may have slightly better roll-over, but it may be the whole package ... Gearing, tire choice, weight, clip-in and leg power.
You can go to V brakes for less expensive parts and more stopping power. Some nice used Mavic Crossland wheels and a Deore lightweight cog set will shave a few lb off the total weight. Pick your tires carefully for fast rolling and lower weight (with decent puncture resistance) and you'll be fine.
Sure you can step up to a replacement bike. But think that over carefully. It may be a big investment. Look at all the others when riding and see if you can spot what might work better for you ... See if you can get a test ride on that model adjusted for you at a shop. Then, if you get it, see if you are still not getting out run by some others ... Happened to me all the time, back in the day on club rides. I'm just not a competitive rider. Just like running, some people are faster ...