Yes too high, is this not obvious?
Four random gens, dozens more can be viewed at SwissWatchExpo. Not one has a lug hole anywhere near the chamfer
The fact that a gen end link can be made to fit is good, but not everyone will choose to or be able to use one. So why limit the choice of bracelet by mis-positioning the lug hole?
The Italian bracelet will fit a gen case properly, so it should fit a good aftermarket case.
The first batch Ebay 16710 has this same issue, in the opposite direction. The lug holes are too low. A gen end link (folded or SEL) can be made to fit but they fit too low. A folded end link can be bent to look OK. An aftermarket SEL natively sits so low as to be unusable, same as the Italian bracelet on this 16610 case fits too high.
There is a workaround that can be used to force the end link into a better position. Using a 1.5mm springbar with about 6 layers of narrow bracelet tape placed on one side of the bar's long axis will displace the end link up (or down) sufficiently to achieve an acceptable look.
Of course that makes the visible tiny springbar tip look like hell through the lug hole so then you need to epoxy some fake springbar tips in the holes. Quite a bit of extra work to fix holes that weren't placed where the gen holes are. I would wait for a corrected batch on this one.