We don't know this. The new SiP could be the same chip repackaged for the new size. The AWU2 not being updated lends evidence that there was no chip update.
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Apple Watch Ultra 2 in Black Gets First Discounts for Best Buy Members
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In terms of scale, because the O2 sensor works in all locations outside the US, it works for the majority(?), unlike Apple Pay, AI support, some Apple TV service, some music, some regions with no airtag access, some regions with no apple vision access...
Anyway, I suspect O2 sensors are a difficult technical hurdle to address in less than a year.
The S10 SiP almost certainly uses the same processor as the S9 SiP, which actually had a processor upgrade. Unlike the iPhone the Apple Watch goes very long stretches (year after year after year) on the same processor but they update the SiP that it sits in every year - rearranging things and occasionally adding a new sensor here or there.
The only thing that might push us early (to have an earlier processor upgrade) could be the AI angle of things, although the S9 touched on that a bit.
do y’all know what the shipping time was for the Titanium Milanese Loop band by itself when it first went on sale? can’t believe I have to wait 4-6 weeks. I ordered late Monday.