Always open to discussion. A lot of things have to be decided. How to handle ntp. How often to update it (once per minute for 5 minutes, then hourly). How to operate all this with just one button. And so on. I had fun.
For making the colon flash on and off, I would recommend using the seconds of the time (odd or even) as your "heartbeat". This provides reassurance that your clock is actually keeping time.
What I meant was, to make sure that the time was advancing and not stopped (like a stopped analog clock: you can still read the time, but it does not advance). But maybe the scenario of an RTC with a stopped time but that you can still read from is so unlikely that there is no real need to check for it. I have heard of stopped RTCs, though, but I don't remember the details.