Yes, your Fromanteel watch can withstand 5ATM of pressure, which is water resistant up to 50 meters.
That does not mean that you can swim as deep as 50 meters below the surface, as long as you want and as often as you want, and experience no problems with the watch.
This is the most common misconception of what water-resistant means.The ISO testing procedures are rigorous, but it doesn't involve someone diving 50 meters below the surface and then checking the time. Instead, it's a pressure test in our laboratory that's comparable to static water pressure, coupled with immersing in 10 centimeters of water for one hour. The official measurement is atmosphere (ATM), which is equal to 10 meters of static water pressure.
Keep in mind that our watches often come in contact with water pressure that is anything but static. A wave breaking on you at the beach, a garden hose being sprayed on you, jumping off a high dive into the pool —all of these things cause a large amount of water pressure to come in contact with your watch, if only for a split-second.
Also, a leather strap would be quickly worn off if its exposed to salty sea water or soapy (dish/shower) water to often.