A franchise structure won't work in Romania at the moment. Fans would not support a team representing the region that is based in another town and there would be no regional public authority to finance it.
A franchise created just to play in an European competition, like the Bucharest Wolves were, would not get very good results either. The players would get very limited time to train together. Also, the franchise would just focus on testing younger players and giving them some experience (like the Wolves always did), instead of actually winning games, since Romanian rugby gets basically no other chance to compete at an international level.
In time, clubs are the way to go. If Timisoara Saracens will manage to qualify for the next season of the Challenge Cup, this will increase public and private investment in the club significantly and give the other Superliga clubs something to fight for in future seasons.
Also, keep in mind that with all their limitations, the Bucharest Wolves still managed to be reasonably competitive in most games and get the occasional upset win against a Top 14 side (they have even beaten Toulon). After they get some international experience, I think Timisoara can do at least as well as the Wolves.
The current squad of Saracens Timisoara includes 16 Romanian internationals (9 were part of the RWC squad), three NZ players (one is a former All Black), two Fijians (one of them, prop Manasa Saulo, had a great RWC and has signed for Toulose next season), four Tongans and one Australian (capped at 7s level).