Personal preference: no to watch rolls (defined as a piece of fabric with pockets for watches, which you then roll) as-is, caseback may get scratched by the bracelet especially while traveling. Protective cushioning does not protect the watch against itself.
As a frequent traveler, I know that space on your rollaboard is at a premium so watches must be stored in the smallest space possible yet still provide protection. So my personal preference this: Put a business card within the band to protect the caseback from the band, and place in a 3"x5" padded ziploc bag. If you look hard enough you can get 8 mil bags, which are for all intents and purposes industrial strength and puncture-proof. Bad example below:
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