Absolutely correct. And the last two digits are for case design. The exception is that the triple calendar watches use "1" and "3" for their 2nd and 3rd digits as well even though they are not time only watches and they utilize the 291 caliber.
Your logic is not completely unsound, but I'm more curious about why it's there in the first place. And since the inscription of the third line is much shallower, as you mentioned, I wonder if other watches had similar numbers, but they were simply polished away.
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