First: I really think it's up to the wearer and what they enjoy/feel comfortable with. What other people think is just exactly that.
So with that preface, clarifying that my opinion is my opinion alone, I tend to think that if the lugs are extending beyond the wrist, the watch is too large for that wrist. I think watches look best when the bracelet or strap is clearing wrapping around the wrist, not dropping straight down because the lugs are hanging out in space. For me, 42mm is my limit, assuming a reasonable lug-to-lug distance. My Hamilton Murph is 52mm lug to lug, and that is my limit. For reference, my wrist is 191mm. The Murph is almost too big for me.
That watch on your wrist seems a little large, overwhelming your wrist.