Personally, I love the Santo Stefano area, but have stayed in Saragozza too as well as the Riva di Reno area. The area around the Rivo di Reno is slightly more touristic I think. The restaurants are plentiful but most are just ok.
Saragozza is much more authentic and well located if you stay a bit closer in to Piazza Maggiore. I was really a 15 minute walk into the Piazza, but my immediate location was a bit shy on amenities. Certainly more of a real neighborhood as I rarely saw anyone that seemed any bit the tourist other than myself.
Also stayed across the street from the Basilica Santa Maria dei Servi. Just around the corner is Piazza Aldrovandi with a plethora of restaurants, etc. Lots of great restaurants in that area and it is really close to the Santo Stefano area too.
I might stay away from the university area as it might be noisier, but I can’t say for sure.
Hope you enjoy Bologna.