Any delay will likely be greater earlier in the evening then later. Taking the MU flight will mean not needing to pickup bags as they'll transfer directly to final destination. For a two hour difference you're risking not making it at all that night to destination. The fact is the DL FLIGHT will most likely arrive a bit late due to ATC and then have to wait to taxi to the gate. just the wait to taxi from runway to gate will eat up any remaining time. Then the actual taxi can be up to thirty minutes itself depending on runway you come in on.

Even if you get in on time youll most likely not male it. clearing immigration, waiting for bags (which can take 30-45 minutes sometimes) and making it to T2, checkin bags, clear security and make it to gate is basically impossible.

Pick the MU flight if you want to make it to destination that night. Note if you miss the CZ flight, CZ wont most likely rebook you without significant penalty if at all, any options wont be till next day, may mean flying through CAN, or other Chinese city, and youll be on own for hotel. Have you checked to see what MCT is for a transfer between T1 and T2 I-D at PVG is? For some reason I doubt it meets it.