Yes, because of the augment response armour rating of the balverines, silver augmentations prove to be quite useful, particularly against white balverines.
Other augments effect damage differently than sharpening augments,
which compounds the damage. If the other augments compound damage as well, a frying pan with five silver augments can deal 155520 damage to a white balverine (before factoring Hero strength) while a master greatsword with only three silver augments would deal only 15390.
But, if it doesn't compound, the same frying pan would only do 520 damage while the same master greatsword would do 1140, which sounds more realistic to me. But then it's LionHead so there's no telling.