Yup but also the case material. For me (and apple marketing professionals probably) :
SS+Milanese+analog= squared classic watch
SS+Sport loop+loads of complications= premium sport watch
AL+milanese+analog= sportive guy (or girl) which also dresses formal
AL+sport loop+complications= purely sportive Watch
That’s how apple probably meant it to push us to spend more on the SS since (imho) it looks better in every occasion.
The problem to me isn’t that much the price but rather the impossibility to swap the battery.
Not easily, cheaply, or safely tho