I’d rank Elite 8’s and conference titles similarly. If you’re one of the last 4 teams or beyond, that’s more impressive than winning our conference.
I believe it’s two separate things and what makes CBB great. The team that is excellent over a 3/4 month period is likely the better team than the one who won 3/4 games over a few weeks. Having said that I think most would prefer to win say 20 games between November and March and then 2/3/4+ games in the tournament. Ohio State was clearly better than UCLA last season IMO but I personally would have preferred being a last 4 in and making it to the FF as opposed to being a #2 seed and losing in round 1.