FujiFilm Z700EXR has a
12.0MP 1/2-inch (6.4 x 4.8 mm ) sized CCD sensor and features EXR processor. On the other hand, Canon ELPH 340 HS has a
16.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CMOS sensor and features DIGIC 4+ processor.
Below you can see the Z700EXR and ELPH 340 HS sensor size comparison.
FujiFilm Z700EXR and Canon ELPH 340 HS have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.