My personal opinion – I think this is becoming less of a sensible value proposition than ever.
I mean, from Apple's POV it makes sense as there are people willing to buy it.
But for us, as much as I want the better build quality of the SS model, I can't really justify spending that much money for something that has the same internals as the Alu model and that is going to be functionally useless in 3-4 years anyway. Kind of the same argument as the people who paid exorbitant prices to have the original gold watch that is now a brick.
If it's still going to be something that is only really smooth and useful for a maybe a handful of years at most, the only thing that is going to get me to invest that much money into the Apple Watch would be things that add value to it. For me, that is blood pressure monitoring and/or CGM. Which, at this point, seem like the nuclear fusion of the medical devices industry. Until that happens, I'm okay sticking it out with my SE.