The reality is that if its $5000, it is a product that is targeted at the extremely wealthy.
When a wealthy person buys a traditional watch that is 5-30k, they most likely will use it for many many years, likely over 20 years with service every 5 years.
When someone buys a 5k or above apple watch, the watch will be functionally obsolete and even worse, possibly rendered useless by year 3 because of degradation of battery performance from many charging cycles.
Furthermore, apple will not have parts to service the watch at some point...
They will not be buying an heirloom meant to last and cherish. They will be buying this years fashion statement and a perfect watch to wear to the country club for tennis match or round of golf. In a year they simply throw it in the back of the draw and buy a new one. For the target audience $5000 is the cost of a hotel room for a couple of nights, a bottle of wine or a spur of the moment clothing shopping spree (chump change or less).
The Sport will cost far, FAR more of my relative income that the Edition will to the intended Edition audience. I fully expect my Sport to be obsolete in a couple of years. So why should Edition buyers be any different than me and expect their inexpensive (to them) toy to last years and become an heirloom?
Watch enthusiast will still buy heirloom type watches and won't place the Edition in the same category type.
The Edition is just inexpensive disposable fashion to the intended buyers.