Yeah, it is a problem. Advisories/warnings always trump watches, because they are the "imminent/occurring" threat vs "possible".
There might be some flooding, but the snowpack is pretty fresh. It's going to need some time to ripen up before it melts off completely. I suspect the first inch of rain if not 2 will be absorbed by most of the snow across the interior. The ripest snow is over Midcoast Maine, but even that has a ways to go.