If you Baited Hook and unit and Soraka saves it, do you get the Baited Hook trigger?

No, you do not get the full effect of Baited Hook if Soraka, Wanderer saves the unit.

According to RiftJudge FAQ #8203 and Rule 359.3.e.12, because Baited Hook references "the killed unit" to determine the maximum might of the unit you can play, no kill game action occurring means there is no "killed unit" to reference.

Here is the sequence:

1. Baited Hook is activated, targeting a friendly unit.
2. Soraka, Wanderer's replacement effect intercedes during resolution, replacing the "kill" action with "heal, exhaust, and recall."
3. Because the unit was not sent to the trash (it was recalled instead), it was not "killed" (see Rule 415.2).
4. Baited Hook looks for the might value of the "killed unit." Since no unit was killed, that check returns a null value.
5. You look at the top 5 cards of your main deck, but you are unable to play any of them because you cannot satisfy the "might up to 1 more than the killed unit" requirement.
6. You recycle all 5 cards.

In summary, you still perform the action of looking at 5 cards, but you cannot play a unit from them because the "killed unit" reference fails.