Yes, the movie would have made a lot more sense if they had done that.
There were a number of reasons as to why most of the scenes were removed. Many were never filmed, those that were filmed ended up on the cutting room floor and others because they just didn't fit in with the editing of the film - such as the 12 minute sinking scenes at the start. Lew Grade did not like the final result and so asked for it to be removed, to then be replaced with the photo montage.
A few of the deleated scenes were used for the mock-umentary "The Last Great Human Adventure - The Making Of Raise The Titanic" in 1980