You are looking at about 100 fps muzzle velocity difference between the 18 1/2" and the 22" barrels.
I shoot the standard 22" 1895 and an 1895CB with 26" octagon barrel. The longer barrels hang steadier, and are more accurate. Admittedly, the shorter barrels carry and handle better for short range action, but they give up sight radius, accuracy, and a bit of muzzle energy.
You might consider what the US Army discovered 140 years ago: the 22" cavalry carbines gave about 2/3 the effective range of the standard full length 32" infantry rifle.