But that's not a mechanical movement, as far as I can see? Actually it can't be, because it needs to move the watch hands out of the way so you can see what's on the display...

Another (slightly less pricey) "smartwatch with hands" alternative is the Garmin vivomove range: https://www.garmin.com/en-US/p/698394

Sequent might be of interest yo you https://sequentworld.com/

Nice ideas there!

They are not mechanical indeed, they just look like them. Which is pretty nice. The Garmin one doesn't have ECG though.

I’m looking for an actual Apple Watch, though. I’m all in on the Apple ecosystem so doesn’t really make sense otherwise.