That is within the water resistance definition posted in the rumor.
"matching that of the original
Apple Watch and making the device suitable for splashes, showering, and even brief dips in water up to one meter deep."
1 meter deep aka 3 feet so if I am 6 feet that is right around near the middle of my body where my pocket is.
Also I hope you realize
1) As a part of linguistics waterproof is slang for water resistant. Its a social norm to say waterproof. "my watch is waterproof" So the rules of language/slang override the scientific definition.
2) By definition no electronic device is water proof, not even scuba diving watches. Technically nothing is actually officially “waterproof” but just varying in degrees of water resistance. Watch makers dont ever claim "waterproof".
Sorry but your criticism is a bit of the mark, the terms are interchangeable.