Nope. The Ultra detects depth when submerged, the complication records the depth.
From your Watch App > Any Watch Face > Complications > Depth
You have your choice of depth and water temp
To see the complication in the Apple marketing material, you will have to select the complication from the Watch App on your iPhone.Oh cool! Thanks! I will test this out when I get home today. Loving the Ultra so far.
Edit: I just don’t see a complication for depth or temp of the water, so maybe when I submerge it, it will come up.
Hmm... That's weird.
I don’t have the depth complication option in my watch app on my iPhone.