In my opinion keeping it, unless you simply want to consign it to a drawer, take it out from time to time to look at it, then put it away again, may not be the best answer. What you have at the moment is a non-functional object that cannot do what it is intended to do - that is to be worn and to keep time (reasonably accurately. As such, it's only value is sentimental.
If you have it refurbished, you may find you have something that you can wear every day and will have utility beyond the purely sentimental. Yes, the cost may be more than the watch is worth if you sold it in its present condition, but you have already said you have decided to keep it.
A while ago, I had three of my late fathers non-running watches refurbished. In two of the cases, I'd guess that the costs outweighed the value of the watches, but now my two brothers and I have functioning watches that can be worn rather than left in a corner of a sock drawer.
I would go down the restoration road, but the watch is yours, and of course, so is the final decision.
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