Yes, a plated finish can wear over time because the gold layer sits on top of another material. How quickly that happens depends on coating thickness, friction, chemistry and how the watch is worn.
Where wear appears first
High-contact areas such as bracelet edges, clasp surfaces, crown, case back and sharp corners often show changes first. Repeated rubbing against desks and clothing accelerates wear.
Sweat, fragrance and cleaning products
Skin chemistry and chemicals can affect finishes. Avoid spraying fragrance directly onto the watch, and do not assume jewellery cleaners are safe for plated watch components.
Can plating be restored?
Some components can be replated by specialists, but practicality and cost depend on the watch and how it is constructed. Restoration may not make economic sense on an inexpensive watch.
How to extend the finish
Wipe the watch with a soft dry cloth after wear, keep it away from harsh chemicals, and avoid abrasive polishing compounds. Follow the manufacturer’s cleaning instructions where available.