No the design test is to atmospheres in a sealed chamber with 1 ATM = sea level air pressure of approx 14.7 lbs per sq inch. Pressure increases underwater by approx 1ATM per 10 metres but movement and other factors which reduce the 100% stability of the pressure experienced in a test chamber cause premature failure at lesser depths.
I met a retired deep sea oil industry etc diver once who had about 5 Rolexs and it was apparently a common 'sign on' gift when commencing a new contract. Those Oyster cases really do what they say, but oh boy does somebody pay for it.
