When you look at the blown up recreation of the "original" oyster watch, it doesn't look like a watch from the 1920s:
1) the case is unibody. ie. the lugs and case is a single piece. A 1920s watch would have had true wire lugs, where the lugs are welded to the case.
2) the crystal is a clearly a domed sapphire crystal. If it was plexiglass, it would have been polished uniformally, so the sides would not be opaque. It would have been cut like a sapphire cystal.
3) the crown stem tube assembly is far more complicated than any 1920s watch I've seen.
4) the clear piece sandwiched between bezel and mid body appears to be a transparent rubber O ring. Did watches have o rings in the 1920s? I don't know. I dont think so though.
5) the dial in the video is also intriguing. While guilloche dials did existing in the 1920s, I think the originals all had silver or porcelain dials. Would Rolex really have gone to the trouble of making such an elobrate dial for a "sports watch" in the 1920s. Again, I don't know. Also, the bottom of the dial reads "SWISS MADE", and although this term was sporadically used in the 1920s, its far less common than a dial marked "SWISS".
So either this is a CGI of the "original" oyster, but not 100% periodic accurate, or it's a NEW watch.