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Patek is a long way the other way… lazy in their design and dial work these days but the movements are finely finished in a way that Rolex would never do. A lot of craftsmanship there still.
But to your point about cost vs price… hard to know. Rolex and Omega spend a lot of money on marketing though - that has to be a significant chunk of the price.
However both have also invested heavily in industrialising new movement tech, because they’re big enough to justify it, but that has to be passed on to the consumer. Again, nothing like Longines using the same Swatch group ETAs that have been around forever.
Heard a stat from a Swiss specialist movement manufacturer that supplies some mid and higher end brands that reckoned they had sunk >50 million CHF into movement designs that ultimately failed and never came to market. Designing your own movement is incredibly difficult, risky, time consuming and expensive.
Also - ask why no-one else certifies their mechanical watches to +2/-2 s/day. Not even their bestest most expensive ones. Rolex do that for every single watch they sell, a million of them per year. Imagine what it takes to get to that point.