Yes - as you can see, although the rest of the case-back is scratched, the remnants of the blue case-back sticker have preserved the etching. It's even rarer on the earlier 44999, which I think has even shallower etching (same goes for the other models from around that time, such as the 41798, 418970, 418971, 427990, 43999, 45899, etc.). Same goes for the other Seikos from the mid 1960s such as the 6619-8050, which is the watch with the best condition case-back I have - you seldom see the frosted effect of the etching like that. They usually end up looking barely visible, like on the MAWK 010 (6218-8970) and the 718990 above it. Seiko had the right idea with stamping in the 1950s and later 1960s through the early 2010s - it lasts better, which is why it makes me so sad to see that they've gone back to the cheaper etching recently, just because it looks prettier/nicer when new.
Agreed. I never liked the etched casebacks for that reason alone. Just breathing on them seemingly erases the etching. Much prefer the engraved/stamped casebacks. However, it is quite impressive to see an example with the etching preserved like that. Shows that they watch lived a very pampered life, which is always a good thing.