I think you've balanced the overall tone. I think the top of the picture looks less burned and more natural, particularly the highlights on the orange/tan rocks at the top, they clearly look much better. But I also feel it closed down the shadows over the image a bit. I struggle with this myself, I personally like vivid colors, I like open shadows, and I like a natural look. Unfortunately sometimes all those things work in opposition and the more natural it looks the less vivid my image becomes. I like the vividness and open shadows in your first image but I like the natural look and smoothness of the second edit. Perhaps somewhere in the middle? At the end of the day it's all tastes and preferences.
