I think there was also a subplot that was cut regarding the true story of the Dark Elves, and that the version of events Odin gave were rather less than accurate (a thread that seems to have been picked up by Ragnarok.) From the deleted scenes that has been released, it's unclear whether Odin even knows that his account is wrong and it's Bor that bent the truth, or if he himself is the one obfuscating.
The overall impression I get is that there was originally a lot more courtly intrigue and politics. Whether including that would have made for a better movie (let's be honest it's still pretty drab, regardless) is difficult to say given we can only speculate, but I would be curious to at least see what was changed and why. Remember that the script was (to some extent at least) written by Markus and McFeely of 'Winter Soldier', 'Civil War', 'Infinity War', and 'Endgame' fame. So it at least deserves the benefit of the doubt.