Fred, I honestly believe that Titanic II is far safer than she is budget-conscious
For example, the front of the ship has slightly more flare, perhaps in part due to the safety deck, but what the added hull height (from the Safety Deck) and additional flare do for Titanic II is make her more capable of slicing through rogue waves. There are also measures being taken to make her less likely to suffer major damage in ship-ship collisions. What's more, from what I can understand of one of Deltamarin's remarks, it sounds like there's a "Watertight deck" within the ship's bowels to further divide up her watertight compartments
So in a way, from these safety features to the highly varied decor of her first class areas, Titanic II is shaping up to be among the safest and most luxurious passenger ships afloat, if not the pinnacle of those ideals. In that way, even though she is not the largest ship in the world, Titanic II DOES capture several qualities of the first.