By "currently", you mean on the current released WatchOS and not 4.3 Beta?
On 4.3 you can select an album, and it will start playing the first song. You can then skip forward a track or back a track using << and >> Currently in the 4.3 B1 implementation, there is no way of pulling up an albums track list and tapping track 6 for example. I can't recall if this was there prior to WatchOS 4, but the fact it now seems strange to me implies that it was.
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Because your music collection consists of about 4GB of music stored on the watch or because you stream all your music and smash your cellular usage.
However, I imagine most people have iPhones with more than 4GB of storage, which hold their entire music collection, which is their primary music device, which has their wireless (or wired) headphones connected to it, and just want to use the watch as the best remote control.........