I'm 60+ yo and I regularly get readings over 180 and occasionally up to 220 when running on a treadmill but not riding a stationary bike. Sometimes I'm barely breathing hard and my heart rate can be showing 180+. It seems to happen toward the start of a workout and then sometimes settle down a bit but if I do a long hard workout it can gradually inch up to around 200. I've manually checked the rate on the grips on the treadmill and they agree.
I've also noticed that I might get one or two atrial fib warnings when I'm relaxing in the evening on days when I've done a hard workout.
I don't know if the apple watch is wrong, if I just never noticed these things before I got an apple watch or if I should even be concerned. I've cut back my workouts to keep my heart rate below 160 but on days when I do strength training it is what it is.