You are comparing a very purpose-built chip in the original watch to a general purpose microprocessor in this design. The original won't have a single extra transistor than it needs, and it won't be operating one Hz faster than it needs to. Not a surprise to me.
And in reality, the real-life battery life of the Sensor Watch will drop further if you actually attach actual sensors to it or (I'd expect) start running your own code on it.