No. No Apple Watch model is actually waterproof. Only Water Resistant to different degrees.
The first Generation Apple Watch has a very basic water resistance allowing only for splashes from washing your hands or rain, but it is not rated for submersion or swimming.
Apple Watch (1st generation) - Technical Specifications
Apple Watch is splash and water resistant but not waterproof. You can, for example, wear and use Apple Watch during exercise, in the rain, and while washing your hands, but submerging Apple Watch is not recommended. Apple Watch has a water resistance rating of IPX7 under IEC standard 60529. The leather bands are not water resistant.