I don't think they will necessarily flood the market, but from what you and others have mentioned, it seems like they will match demand. Anyone who wants one within the first few years will be able to get it, albeit with a wait.
Where I have a difference in opinion is regarding exclusivity. There is very little middle ground, here and I think they've set themselves up for failure with this watch, in terms of strategic brand positioning (if rolex is indeed where they want to go strategically). Exclusivity represents something that not everyone has because its hard to acquire and/or limited in nature. This can be achieved several different ways, with the most straightforward being LE, fixed total supply. The level below that is fixing production to artificially create scarcity. You might get one eventually, but the wait time is so prolonged that it feels extremely difficult, effectively facilitating the need for a very rich grey market.
This launch very much reminded me of a streetwear drop, with all the surrounding hype. If the last snoopy wasn't limited, the values wouldn't have skyrocketed, there'd be way less hype, and consequently way less interest in this most recent launch. That's exactly what's going to happen in the next launch. The core fans will still tune in, but the hype will be nowhere near as high as this launch on the back of the 45th. The streetwear/hype drop model can't exist without successful drops, and that's frankly hard to do without limited pieces.
I agree with you that Omega are playing somewhat of a middle-ground here, and that's going to be a problem in respect to exclusivity. They aren't putting a hard stop on production, and the wait times won't be long enough to really drive the notion of exclusivity. I would consider a 3 year waitlist to be exclusive. A 6 month or 1 year wait for a watch, I would view more as an annoyance more than anything.
Maybe this sounds counterintuitive at first, but I'll draw a simple parallel with popular nightclubs/lounges. To get into the most "exclusive" clubs, you have several different options:
1. Connects - no premium, no wait (VIP at OB, early delivery)
2. Pay huge premium for Bottles/Table - no wait (Pay secondary mkt/flipper premium)
3. Wait 2 hours like everyone else and potentially get in (Wait 3+ years)
Now a lot of clubs have 1 and 2, but only the exclusive clubs have #3 (of course, you still need a good product that people demand). Sounds like what Omega is trying to do here is be that club that lets everyone in, but with a 30 minute wait. Just long enough to be nuisance, but not really long enough to be deemed exclusive. Nothing inherently wrong with that, but I just wouldn't consider it exclusive either.