To dramatically over-simplify: N. thinks that slave morality was inferior to master morality, however he doesn’t think we should return to a master morality system. He also thinks that slave morality did have some benefits in the sense that it turned humanity's creative instincts inward. He mostly has a problem with slave morality because it is life-denying (which is essentially his criticism of Christianity).
It should also be said that he doesn’t use these terms in a scientific or extremely specific way (“this is how it was, factually”) but rather as a sort of myth-like pattern. They are broad repeating trends, so to speak, not scientific observations.
The overman (Übermensch) should transcend both moral systems and create a new life-affirming one. Unfortunately some reactionaries seem to think that he was advocating for a return to master morality.