It connects via bluetooth and not WiFi. If the company goes belly up, I'd just need the APK and an android phone to continue using the app to configure the valve and see/download water usage data.
Fast forward 20 years when I can't install the APK on android v79, I'd need an older phone to run the APK.. but that seems to be pulling hairs.
Apps would be great, it's how you handle the backend to it that's the gotcha.
I also have a water softener with an app that no longer works that had it's backend shut down. It can still be configured via the valve head button presses, but none of the "smart" usage data is available. As an example of good design, this is a perfect dichotomy of one company doing it well and one company doing it un-well[sic].