Viable Facts:
The new 4k UHD of Titanic is Not the 1997 film, and as such, a question might arise as to whether certain awards are still applicable to marketing of the disc.
The new 4k should be viewed as an experimental vision, and a new, very different, yet potentially non-copyrightable asset.
It is not a restoration. Restorations cannot gain a new copyright In and of themselves. But it is not being marketed as such. Nor is it being marketed as the re-visualization, that it is.
This leaves an empty skew which might well be filled by another 4k UHD disc that digitally mimics the look and textures of the original without heavy processing.
I would buy one of this and allow it to sit to the left of the re-visualization.
Non-Facts:
My personal thoughts do not come into play. This is the filmmaker(s) new vision.
Had I the ability to control the discs fate, which I do not - motion pictures are neither controlled by fans nor should they be, by archivists - I would have split the appearance of the film into effects shots adding new higher resolution, and imagery of non-digital humans left as they were in 1997, all matching the grain structure of the original, or if necessary in order to attain the highest resolution for said effects shots, slightly finer, mimicking the structure of a print or IP, and not the negative.