Most O-rings for watch use are made from Buna N - acrylonitrile butadiene. And yes they will degrade over time for sure. Omega also used those yellow plastic ones that some people here love (unsure of material but they are usually brittle when I remove them), and of course the lead ones don't go bad.
Some other brands have gone a step above like Sinn, and used Viton.
Cheers, Al
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