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Thanks both.
I don’t know what else it would say than “water resistant” as watch manufacturers have not been able to use the term “waterproof” for a very long time.
That was my impression. Since there's no watch can be made perfectly waterproof, they can't claim that it is. The crown in this case is obviously just for adjustment.
ffm
Seiko, and others, make plenty of watches to 100m WR rating (aka 10 bar), which is plenty for swimming and is intended to indicate that it is suitable for swimming. You are correct that it’s the gaskets in the crown that provide the water resistance. Having the crown screw down is mostly about it not being able to be knocked or pulled out underwater by accident. (Having a screw down caseback is generally very important for water resistance though.)
I don’t know what else it would say than “water resistant” as watch manufacturers have not been able to use the term “waterproof” for a very long time.