Yes, and forces are much lower also. The added drag from the lubircant on most gear teeth in a watch would reduce the power transmitted, and therefore the balance amplitude.
There are some gears (for some reason in the watch world they are called wheels instead of gears) that do get oiled, primarily the teeth of the escape wheel, but these are not what you would normally think of when you imagine gear teeth.
Also, co-axial watches have teeth of some wheels oiled, more on 2 level co-axial than 3 level designs.
Cheers, Al
Click to expand...