I'm not exactly certain how the watch work in term of lore but as it brings back dead player exactly where they died, so it wouldn't be too crazy to assume the watch can actually bring a few things back in time to cancel some events.
I just had an example in mind but I think it would be really unique and interesting to see it in applications with boats :
- The watch could undo boat leaks, given it has a 4 minute cooldown it would still be fair to bring a few Boat Patch with you in case you get more leaks than you can cancel.
- Now that one might be crazy but maybe at the ultimate time the boat's is basically about to sink and already collapsing, it could be possible to use the watch on it to bring the boat "back in time". Depending of how this makes it sound could implies different things, like boat position, same as the crew who was on it and past leaks, but this could also just mean restoring a little of its health. I think this could be a fancy way to use the watch as anyway it's not really possible to use on the sea.