There is one thing to keep in mind though: even if the Bluetooth connection reaches power output levels of 67 mW and could potentially go up to 100 mW, it will rarely operate at those peak levels.
The Apple Watch Series 5 44 mm battery is rated at 1130 mWh. If all the energy of the battery was pumped into the Bluetooth connection, the battery would be completely drained in roughly 17 hours at a power output of 67 mW and in roughly 11 hours at a power output of 100 mW - JUST sustaining the Bluetooth connection and NOT doing anything else.
Since the watch has a display, various other components like a noise meter, a compass, apps running etc. power management dictates that Bluetooth must operate at far lower power levels than the peak levels measured or the highest levels theoretically possible.
In my use case I usually wear my Apple Watch 18 hours per day (mixed use of Bluetooth, WiFi and sometimes Cellular) and put it back on its charging stand with about 20% battery remaining.
80% of 1130 mWh are 904 mWh, distributed over 18 hours gives me a power consumption of the complete Apple Watch system of about 50 mW (or 0,05 W) per hour - and this energy is NOT used to only maintain Bluetooth (or any of the other wireless connections for that part), but to keep the complete system with all its components going. So the power output of the wireless connections during regular use ON AVERAGE should be well below 50 mW. Pretty unconcerning, even if worn on your wrist with zero distance.
Of course, the power output is always depending on your use case.
But even on peak levels, the power output of your wireless connections will not likely reach critical levels. There is just not enough power in the whole system.