Indeed! Note also the "v" in "Save" --- it's the Lisa system font for certain.
My guess is that the app is a custom Workshop program whose creators put a lot of effort into simulating the Lisa interface during development. You can use the system font in Workshop QuickDraw, but you'd have to make the menus yourself, which may be why there's so much space between the items in the "Frame" menu. I don't know for sure but it could be that QuickDraw only provides you with the standard mouse arrow pointer, so if you want something else, you'll need to make your own. Hence the watch.
