The StudioCanal encode does have a heavier digital scratch removal filter applied. Here, it's missing the same real detail as the Lionsgate plus the actual scratches are removed:
The following two frame comparisons illustrate what the VFX shots actually look like on this release, followed by exactly what they WOULD HAVE looked like without the heavy-handed processing. Like with Dark City, the people doing the DNR were imprecise and let some frames slip through.
Timecodes are 1:46:35;12 and 1:46:35;13 (i.e. one frame later).
During this entire sequence, the final 2 frames of each shot lack the DNR applied to the rest of the footage. The movement of the frame suddenly snaps from the blended many-frames-behind moment to real-time. It's tough to describe but it's visible in motion and I'd call it "disconcerting" but not distracting. It's something you might notice subconciously without picking up what the hell it is that just happened.
Perhaps the worst part is that the movie actually ends on an excrutiatingly long DNR'd scene.
The DNR is WORSE in motion because the trailing caused by the temporal blending ends up resulting in a strange kind of slow-motion type effect. In one shot, details and ONE-FRAME print artifacts fade in and out over the course of EIGHT frames. They clearly did this to "fix" the constant flickering evident in these shots on Lionsgate's release, and it did actually work. But the digital garbage result is far more destructive and annoying than this analog flickering issue.
Besides that, since they applied this heavy processing only to the VFX shots, the movie cuts between grainless and smoothed to grainy and detailed often. Very noticeable and kind of distracting.
I guess the people doing this "restoration" work just hate the way old optical effects look with all of the artifacts associated with that technology. Personally I kind of find them charming, and they don't take me out of the experience since I've grown used to them and come to expect a certain look ever since watching the "Faces" THX Star Wars VHS releases all the time as a kid.
I think some people go into these movies expecting and wanting them to look like new releases. Not me. And I'm 21...