There's more technical aspects. There's more tungsten weighting and a larger face. The AP3 is also cast and not forged. So there will be less feel. They almost could have named it the AP1.5 if that made any sense as a name. Better feel, less forgiveness than the AP1. Less feel, more forgiveness than an AP2. In my case, and I'm only coming on 68, I actually hit the 7I (31 degrees) a little further than the AP1 (30 degrees). That helped move me to the AP3, as I'm not consistent enough to use the AP2. So, with some additional TPI workouts, the AP3s, and the AVX ball, I've added about 1 club length over 714 AP1 and Pro-V1x. There's not much we can do in the race with time beyond matching our equipment to our current ability. Even reshafting your AP2s may be a better option than loft adjustments. You might need a lighter and/or higher launching shaft. Only a good fitter would know for sure.

Hi Scott, I did exactly that, on advice from a Titleist club fitting session, you can adjust the loft and/or lie to a maximum of 2 degrees so I had my 716 APS loft strengthened by a local club fitter.
He recommended leaving the PW as it was, but adjusted the remainder, I found it gave me a little extra distance, no adverse effects.
Granted not the same benefits as a new set of AP3 which are on my wish list when I eventually come to change my AP2s.
As Don has suggested maybe the new AVX ball might give you some of the distance you're looking for?

Played the 714ap2s and just could not get the distance I wanted so out came the 716ap1s, tried them did pick the numbers I was looking for. Liked the distance and accuracy. Have the True Temper XP 105 S300 shafts on them. I will be 72 in a few weeks. Am happy hitting my 7 iron 150. I demoed the AP3s at the TT Invitational last year and WOW. The feel of the AP2s with great distance and accuracy. Just could not pull the trigger last year. My handicap 11 and hitting the ap1s decent, for someone who started playing in 1985. Will move to the AP3s in fall of 2019 when the new release comes out. I would recommend giving those a try. Good looking, great feel, distance and accuracy, very acceptable, with appropriate shaft.