Until I saw those photos, I was going to say that a 50 cm has to be way too big for you. I am 5'2" and have ridden 44-46 cm road bikes and can't imagine going larger than a 47. But the bike actually looks like it fits you well in the photos. Are you sure it's really a 50?

Per your question, I like my saddles the same height as my saddle, not higher, not lower. Unless you're racing, having your bars lower than your saddle is very likely to lead to pain. For recreational riding, having them the same height should be about right.

That's a really pretty bike! I hope you can make it work. You look way taller than 4'11" on it, so that says to me that it is quite small.