34 pags., 2 apps.In this paper we revisit the motivation and construction of a unified theory of gravity and electromagnetism, following Weyl's insights regarding the appealing potential connection between the gauge invariance of electromagnetism and the conformal invariance of the gravitational field. We highlight that changing the local symmetry group of spacetime permits to construct a theory in which these two symmetries are combined into a putative gauge symmetry but with second-order field equations and non-trivial mass scales, unlike the original higher-order construction by Weyl. We prove that the gravitational field equations are equivalent to the (trace-free) Einstein field equations, ensuring their compatibility with known tests ...