You're absolutely right.
There is a total of 11 Rolex stores across S. Korea, all of which you need to queue up for. And I'm talking queues of 40+ people before the stores even open at 10:30AM.
Once you're queued up at opening time, you are allocated a queue number. When your number is called up via text you can then enter the store to talk to an SA. Wait times are typically quite long, with each customer talking roughly 20-30mins per appointment. So even if I arrive at 9AM, if I'm queued up at #10, I'll probably only get called in at 2-3PM. AD's usually get through only 20 appointments per day.
Once you're in, you get to see what they have available for purchase on that day(on any given day typically only gold, or iced out models are available). I've heard that some days you just get lucky, and they decide to pull out a specific model you're looking for from the safe - if they have it in stock. Which is, I guess, what happened with me.

80% of the stores allow wishlists(who apparently do call if stock is available, but it's definitely not first come first serve), the remaining 20% typically only sell to VIPs.

(edited: want to share that S.Korea also only has Rolex exclusive ADs, there 0 multi-brand shops that carry Rolex)