When it's my choice I'm pretty fussy on saving etchings. They have to be in pretty good shape or have some rare significance or I remove them during restoration. Here is an example of one I kept and one I buffed off. Your razor appears to have a lot of fine pitting on the blade face but should clean up completely. Do clean it up as best you can with Maaz or similar product before making your decision. I've been pleasantly surprised on more than one occasion. If it were my razor, based on what I can see in your photo, I would remove the etching in order to clean up all the pitting. It's all personal preference really. Your razor appears to be in good condition and should make a fine shaver whatever you decide.
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