I've done all of this HR business over 20 years ago.
The HR is just HR. Which is an odd thing to say if it wasn't for the fact that the condition of your leg muscles has a significant bearing on the numbers.
Race example 1. This was a 5 miler for which I hadn't had a lot of training for. Start of the race felt easy with HR at 195 bpm. This was due mainly to adrenaline.
As the race progressed, my leg muscles became more and more tired, my pace dropped, and the HR went progressive downwards to 173 bpm.
A last burst to the line managed to get the HR back to 191bpm.
Years later in an effort to avoid a fast start I used a monitor again in a race.
Result was that to avoid blowing up I had to hold the HR at 173bpm or less. 175bpm was into oxygen debt. After around 10 minutes of running I found I could hold a higher HR at around 176/177 bpm, but not at the start.
Its a significant fact that as you get older, the HR becomes slower. Since its the heart which pumps oxygen around the system, and the more oxygen to the muscles the better, it stands to reason you run slower.