Of cause no real control is there (as all the IP of university-developed projects belong to the university) and perspectives of implementation (as it is a medical device and not home appliance) is more vague. But there are lots of guided experience, industry contacts and a big-big opportunity, much faster than self-watering plant pot.
With the University owning the IP, you will gain some good experience and connections, with any ownership being unlikely unless you negotiate it up front (good luck with that).
Long-term, which path intrigues you more - working with a team on products with complex manufacturing and regulatory considerations, or being in control and bootstrapping smaller, less complex products? If you’re at all interested in become a startup whiz wheeling and dealing for VC deals definitely go the university route - it’ll be a master class. If the lean more towards having full control and developing/marketing your own products, the university project will be more of an apprenticeship. It would be worthwhile and you will learn some good skills, but much of it won’t be applicable to creating a lean physical product launch.
Based solely on the two choices as laid out in your original post, I’d go with the medical product. As others noted, the plant watering market is pretty much saturated. Unless you have something with sizzle (not just novel), that will cost less, or is designed for a niche market like the marijuana industry, I’d think you could come up with an idea with better potential.
Also, take a look back at your progress to date; if you realize you’ve been action faking or having trouble staying motivated to execute, go the university route. Besides the other benefits, it will be a good exercise in becoming accountable to yourself.
Bottom line: There‘s a lot of upside to pursuing the medical product and not a lot of downside. Should you dive in, first make sure the expected amount of hours and the term associated with the project are well documented. You don’t want to find yourself saddled with a long-term commitment that others are gaining the rewards from.