No, the movie is still monstrously bad, but I believe that the deleted scenes make it slightly more watchable. At least the shark doesn't spontaneously combust in this version!
The BBC version has a lot more shots showing the mechanics. Throughout the scene where the shark attacks Michael's submarine, one can clearly see a hole under the shark. In the chase sequence after that, there is a crane supporting the puppet as it swims towards the wreck. It baffles me that someone could think about showing that version to the public!
I'll include the open matte sequences on the second disc as a bonus feature.