They probably were right
I have had macs for decades, and other computers too. It *used* to be the case you would upgrade after 3/4 years for the newer faster model, and I did, and it was better / faster / more storage. But since the mid 2000s or so? That cycle stopped. I swapped my 2008 macbook for a 2014 one, and my 2007 iMac was replaced for a 2012 one, which won't be replaced soon. My PC is from about 2009.
3/4 years no longer gives you faster / better / more storage, the changes are smaller and less important. I only updated my macbook because I had a work one with a retina screen and got used to it. Side by side It was faster but it didn't really feel it in day to day use.
I think all computer companies are going to have to get used to a slower update cycle, as there really aren't the compelling reasons to update that there used to be.
Obviously the watch will be different, as it is more a fashion accessory than a technology product, so its market rules are different