If your updates are small, update should be faster because it does less work, however there are many mutations that update cannot perform, so whether you can use it depends on what kind of updates you are trying to perform.
Assuming you can use update, and if performance is an issue, you should benchmark the performance of each approach for your specific workload, but my gut says that smaller updates will always be faster than saves.
Personally I always save records in my application because it is easier with the way I use my data (I always load before I change) and I haven't found performance of these saves to be causing an bottleneck yet.