that is about the size of it.
But it doesn't need charging every day like an apple watch. In fact it never needs to be charged ever, it is an automatic and charges from the kinetic energy of my wrist. (yes yes, jokes about powering a small town from the kinetic energy of my wrist etc etc.)
It will also tell the time pretty much forever. It won't stop telling the time when apple decide to stop supporting its OS.
It is an analogue watch. It is not going to look old fashioned ever. This is the same with anything analogue. Avionic dials in aircraft, dials in classic cars, dials on any kind of machinery. Dials always look fine.
Digital stuff always looks horribly dated in about 5 years. Mobile phones, casio watches, video recorders, TVs, personal music players, games consoles ... pretty much anything that has a chip and pixel screen gets old fast. Anything well made with gears and dials will look awesome for all time and become classic.
But yes, this is an obscene amount of money for a device that only tells me the time. A function my mobile phone that I always have on me does just fine.