I think it was pretty common in old days to damage the balance wheel assemblies and the mainsprings since the shock absorbers were not that well, or non-existent. However, modern/upscale watches have much more robust assemblies and alloys.
I may send my watch in for regulation and check in a decade, but I don't expect that its mainspring will be replaced at that interval. Even my entry level Seiko 5 is pretty much spot on after 5-6 years.
On the other hand, my first mechanical, a Swatch Diaphane automatic has died because it had no shock absorber and fell to a soft carpet from my hand, approximately from 1M above ground. It can no longer keep accurate time if it's not flat on a table.
If the only reason you take your watch in for service is because the time is drifting a lot each day, you've waited too long. At that point the lubricants have almost certainly broken down and the metal contact points are grinding away. The metal that's worn off ends up on other parts of the movement as dust and can be abrasive.
Your Seiko 5 can be cleaned and serviced (you can regulate it yourself with a Timegrapher you get on ebay for $100), but I'd probably just replace the movement with a new one. They are essentially disposable.
