Assuming you mean "ditch the huge, thick coax connector", yes. That make's some sense. Looking at the end of an iPhone the audio jack is the largest element by some margin.

One wonders about a "watch". Would you want to plug headphones into it? The thickness would be significant there. (I view the "watch" as a notification and acknowledgement interface as an adjunct to a mobile device. I think it makes more sense to plug the headphone/microphone into the larger device from a battery standpoint. Headphone cables down a long sleeved shirt make some sense though.)

Orthogonally, Apple just sprouted a bunch of ways to interact between devices at the WWDC. Maybe a person that would wear gigantic headphones would not wear a "watch", but would handle their acknowledgment functions through some interface on their head ornaments.