So expensive watch, with previous generation SoC that is older and worse than competitors, at a price point nearly $100 more than said competitors. Here we go again... This seems like a product explicitly designed to fail.
I really don't see the need for cutting edge CPU in a watch. Even very old chips should have more than enough power for what you need from even the smartest of watches, refined software and battery optimization are far more important than raw power.
There's power efficiency reasons to prefer a more modern CPU. It's not that you need the speed, at all. It's the nanometer / process size. The more tightly packed the transitors are, the shorter distance electrons have to flow and so requires less energy.
This watch is more expensive, by a lot, but will also consume more battery than other current generation watches.