Right, a black pixel in an OLED screen emits no light, whereas a colored pixel does emit light. This is different from a backlit LCD screen where the light is being shown “through” the LCD layer all the time. Hence the term “backlit”.
A black watch face will use much less energy than a white watch face on the Apple Watch.
I think it would be great to have an Apple Watch with an e-ink display.. the battery would most likely last for months because an e-ink display uses no energy once a screen is rendered.