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@Regal
Magnetisation is very much a thing, though usually it will start running a lot fast, not a little.
Depending on what the watch is and what parts were used/replaced in the service it might not be possible to get an older watch to run super accurately.
Also, regulating watches is a matter of compromise. It will be faster in some positions and slower in others. If the watch is fast or slow over a full 24h cycle, try putting it in a different position (eg face up / crown up) overnight and see if that improves things.