While there is a certain beauty in silent cinema, I really don't think it's a fair to compare it with the James Cameron Titanic. Both of these movies have their own merits and ways of telling their story. While I'm personally not a fan of the 1997 film, I can totally understand why someone might not enjoy "Saved from the Titanic". It's totally subjective
It isn't realistic to compare one to the other. They are telling different stories, from different eras, with different target audiences in mind and using vastly different technology. Each needs to be judged on its own merits for what it was intended. As such, both are perfectly capable films with several drawbacks.
I never actually seen the silent short movie called, "Saved from the Titanic" so I can't fully judge. However given how old it is I think that rules out the option to compare it to the modern film Titanic. Just because they are on the same topic doesn't mean they can be judged. The age gap between their production is too much.
'Saved from the Titanic' certainly won a great deal of critical acclaim at the time of its release for its sensitive treatment of the harrowing events that occurred on the Titanic. The more recent film did not receive such a favourable critical reception. However, it is impossible to say whether modern sensibilities would favour the earlier film, which was made during the melodramatic silent era, as the original film has mainly been destroyed.