Classical mechanics is not "wrong" but rather incomplete, as it serves as an approximation that works well under everyday conditions. The discussion highlights that while classical mechanics fails to account for relativistic effects at high velocities, it remains accurate for low speeds. The Lorentz factor illustrates this limitation, but classical mechanics is still effective for many practical applications, such as engineering and construction. The conversation emphasizes that all physical theories are approximations, and the goal is to find the right balance between simplicity and accuracy. Ultimately, classical mechanics is a robust framework that has proven successful in numerous real-world scenarios, despite its limitations in extreme conditions.