Caesar came first, and Caesar remained.
We observe that the first really big contact between Germanic tribes and Rome took place when Gaius Iulius Caesar was campaigning 'in Gaul'.
That illustrates that Germans have really borrowed all available titles: Caesar, Imperator, Augustus.
While Augustus as a title is only used in latinisedLatin forms of titles and as a word declined in meaning and understandability, Caesar/Kaiser remained a very scarce given name. But August became common from the 14th century onward and besides also signifying a month it also took on a row of unfortunate connotations. Imperator remained a decidedly foreign word. Kaiser was the first, thgethe most enduring, the most popular of these forms. And when a German speaking peasant would ask what the various long Latin titles (containing some form of Augustus) of Germanic emperors would come to mean, the answer would again be "Kaiser!"