These are unlikely expectations, browsing, listening to music, taking photos, do you want twice the Ultra thickness and half the battery life? At best you could have a very bad browsing experience with that tiny screen, a terrible speaker (it has one already - there is a good reason you can't use it for music playback, it would distort and sound horrible at any reasonable volume) and where the camera hardware should go I don't see either.
The AW currently has well established features and does much more than just the Health app, it connects for music via Bluetooth, has wireless payments, and so on, and a couple more features like maps navigation with third party apps.
The AW including the eSIM version is meant to be used with an iPhone where you can play music, use Safari and take photos as much as you want. It won't be this standalone gadget that does it all and doesn't need to.