Unless something's changed in the last 5 minutes, that's simply NOT true!
Apple only replaces the shell and battery
on iOS devices. It offers no such guarantee for other products.
With the Watch, it's this something of a crapshoot. Likely to be fine, but no guarantees. People have gotten “like-new” watches, but also gotten them with minor scratches or dings and battery <<100%.
Here's Apple's official blurb on this:
”
Here’s what you get.
You will receive a refurbished device with genuine Apple replacement parts (as needed) that has been thoroughly cleaned and inspected.
Refurbished iOS devices will come with new battery and outer shell. Every device will come with all accessories, cables and operating systems.
All Apple Certified Refurbished products are packaged in a brand new white box and will be sent to you with free shipping and returns.”
Save up to 15% and get a one-year warranty with the Apple Refurbished purchasing program. Read more on the Apple Refurbished promise.
www.apple.com
As you can see, replacement batteries and cases are only mentioned for iOS devices.
Now, they do give you the standard 14-day return window, 1-year Apple Care, and the Apple Care+ option, so you are nicely covered that way.
Personally, I think you'd be better off buying NEW from a reputable 3rd party reseller, where you'd likely have a longer return period, would have the 1-year AC, and could also still add Apple Care+!
There's another major consideration.
When you buy NEW from Apple, you can customize the watch, picking the type of band you want. Otherwise, with Apple refurb or 3rd party, you are “stuck” with the default bands.
Some people have had irritations or allergic reactions to those bands, and are bothered by the metal button.
If you, therefore, wanted the well-regarded Apple sport loop band instead, it would cost you an extra $50 with the refurbished or 3rd party.
At that point, it's only something like $85 more to get the brand new Watch 8 instead of the 7.
Don't forget you'll also need a USB-C power adapter, if you don't have one! That's another $19.
With all that, we're leaning strongly towards the 8 rather than the 7!