Learning curve is the rate at which knowledge can can acquired. A new developer on a complex system will likely experience a steep learning curve as they will have a lot to learn before they can become productive. By implication an experienced developer may experience a shallow learning curve if they are familiar with a system.
The acquisition of knowledge does not always imply understanding. In some cases a developer may not need to absorb a lot of system detail but may need to understand underlying designs before they can be productive. This can take time but does not imply a steep learning curve.
In practise understanding and knowledge go hand in hand. Most developers will always be on a learning curve of some sort but will also be using new knowledge to forge a deeper understanding of the systems they are working as well as the tools and practises they are using.