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The service that is ideal for managing web traffic in a globally distributed application is AWS CloudFront. This is a Content Delivery Network (CDN) that helps in efficiently distributing content to users across the globe by caching copies of the data at multiple edge locations. When a user requests content, CloudFront routes the request to the nearest edge location, minimizing latency and improving load times, thereby providing faster access to content.

CloudFront also offers additional features like HTTPS support, DDoS protection, and integration with other AWS services, which enhances the overall performance and security of web traffic management in globally distributed applications. Its ability to provide better delivery speeds and reliability makes it an essential component for applications that serve a worldwide audience.

In contrast, while Elastic Load Balancer is capable of distributing incoming application traffic across multiple targets, primarily within a single region, it does not specifically optimize for global traffic distribution like CloudFront does. Similarly, Amazon EC2 provides computing resources rather than directly managing web traffic, and AWS Lambda serves as a serverless compute service that enables code execution but doesn't inherently deal with traffic management across a global network.