No, clearly not as "metro" Venice is under 300,000. However there are multitudes of wealthy tourists who visit Venice every year...
Honestly this seems to be much ado about nothing, so the reason you are getting somewhat mocking replies is because you appear to be taking this way too seriously. Omega knows what they are doing generally, and if this watch doesn't sell (highly unlikely) then it will be like many others over the years that hasn't sold as well as they would have liked. It's not the end of the company (or world) if a specific model made in low numbers for a small market doesn't fly off the shelves...