The puns are still there if you spoke japanese.
I think.
no, the puns aren't actually there. it's because she ends every sentence with "ika," the word for "squid." there's no good way to translate that, so they use puns instead. it was the same thing with Teddie (Kuma, or bear, in Japanese) in Persona 4 ending every sentence with "kuma."
whether or not this is a good "substitute" is up to preference, I watched Squid Girl with punsubs on Crunchyroll back before I torrented stuff and I was fine with it.