I don't think Owen was any more technically gifted than Theo is, in fact, I'd argue he was more limited, he just played at a different time, and the way football was played back then suited his game and the role he was given.
Owen played in a more efficient way because that's what his role required. If he was playing right midfield for Arsenal as a 17-22 year old then you would have seen lots of failed dribbles, poor touches and lost balls - because he didn't have that kind of ability in his skill-set. He was good at two things; timing runs and finishing in the box, and he played to those strengths. Theo, for me, is equally good at those things, but has been asked to play in a different role to improve the other aspects of his game that he's not so good at. If he was playing for a less technical team, who didn't face such deep-lying defences, or for a different manager who didn't care about his development, I've no doubt Theo would have scored a huge number of goals at the highest level, for both club and country, playing as a striker.