Cold Waters is much more arcadey where your crew does most of the work to find the solution. Controlling the sub and firing torps takes little action.
Dangerous is more intricate where you can have some help from the ai crew, but you can do all the work to navigate and find your targets, determine the solution by manually figuring out your sonar and other contacts, and firing upon and hitting your target.
I'd go with Cold for easier play and fast action, Dangerous for slower and more involved play.
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