Ah yep, I was sloppy with my explanation. The 2x lens on the 14 Pro, 15s and 16s are indeed just a crop of the 1x lens. I had thought Apple applied some distortion correction in software to more simulate a 48mm lens. But I just tried it on my phone and, sure enough, it's just a crop of the 1x without any noticeable correction to the perspective. So, what I said above only applies to phones with a true 2x lens (X-12 Pro). Taking watch shots with a newer iPhone is still a bit better using the 2x "virtual" lens if for no other reason than it forces you to hold your phone a bit further away from from the watch, which reduces the forced perspective distortion from the wide lens.
The 16 regular also has macro mode but it is the first non-pro phone to get it. I think that the macro mode was a necessary addition with the iPhone 13 Pro. IIRC correctly, that was the first phone where the minimum focus distance of the 1x camera started to get worse because they started using larger sensors without making the physical lens stick out further from the phone. Since the 1x camera couldn't focus as close as on older models, you needed macro mode to make it possible to photograph close up objects. And it turned out to be a good marketing feature too. If the sensors on the main and ultra wide cameras were comparable, this approach would be great. But the quality of the ultra wide sensor is soooo much worse than the 1x camera (especially on the 14-16 series) that it is really jarring when macro mode kicks in anywhere but in bright sunlight.
Bottom line is that photographing a watch with an iPhone in a way that looks natural has gotten progressively harder since the iPhone 12. That was the last iPhone to feature a 1x camera that could focus fairly close (and that 1x had a slightly longer 26mm equivalent lens), and the Pro model still had the 2x rather than the 3x or 5x found on later models. Your best option today is to use the 2x "virtual" lens if your phone has it or take a 1x photo with the phone held back a bit and crop. Neither is as good as what we had a few years ago. But then, this is a rather niche photographic subject...