Its not about what's more toxic.
Its about simple math.
The rate ammonia is added is a constant.
While measureable ammonia is present, the growth of the ammonia to NO2 bacteria is growing. This type of growth is exponential, meaning it starts out very slowly, then explodes in population growth.
So, what happens to nitrite levels as this ammonia to nitrite bacteria population hits the explodeing point? The rate nitrite is added to the tank is very different than the rate the ammonia was added. Ammonia was added in a nice gentle linear fashion, with a big head start on multiplying bacteria. The nitrate will be added in a logarithmic fashion.
This is a very bad thing for a bacteria population attempting to reach an equilibrium. Much more difficult, and involveing groups of exponential growth and death in cycles. IE, the term cycleing.
This little page gives a really simple way to understand this growth, and thinking logically about how the growth and death of the first chain in the nitrogen cycle effects the growth and death of the latter chains.
Fortunately, where its all going towards, nitrate, is quite safe to reasonable levels (<40ppm).