I don't know if I'm getting someone upset now, but I genuinely think 1993 is the better version, and I think that's not just due to more exposure.
"Mr. Bad Guy" just isn't a very good album, and "Living On My Own" is an example of that. Freddie's voice is of course perfect as always, but the editing and composition is not what you'd expect from an experienced team of composer, producer, studio technician etc. Not even close to what the Queen albums from nearby years sound like.
I don't have the background story, if you do, I'd love to hear it. Did Mercury try to do too much himself without having the experience? Did the studio listen to his input too much? Did he find a producer, did the label, did he produce it himself?
The original is more interesting and experimental, I'll give it that, I love the piano parts, but the overall edit is kind of meandering and unfocused.
The 1993 version has punch, it's a real pop hit. It's actually 25 seconds longer at 3:33, but it feels shorter because it doesn't leave you hanging around.