The following is definitely half of the view.
I prefer to keep my phone in my pocket, so the first thing is I can glance down, flick my wrist and tell the time. I set timers constantly, use the fitness features, and love getting notifications. I can decide if I need to pull out my phone or not.
I would suggest [...] that you start with considering the myriad ways you already use your phone, particularly those which cause to carry your phone around your home with you, and then explore those functions on the watch.
As for health/fitness, I do believe the activity rings are a great motivator. I formerly used my iPhone as a pedometer with a goal of 10,000 steps daily. And even though I did more things to achieve that fairly easily, it was still satisfying to reach it -- because it's a goal, duh!
Anyway... I've never been much of a gym or fitness center person, and I can tell you there are plenty of exercises/workouts you can do without equipment.
Bodyweight exercises are very common, and you can find plenty, such as
this one, simply by searching '7 minute workout'. However, you don't even need to do traditional "exercises." Yes, there are dance workouts now, which is fine and certainly still beneficial activity, but you can do almost anything. The Workout app (on Watch) even has a fishing activity tracker (within the Other section). I'm going to try jump roping on a daily basis -- well, actually virtual rope jumping or as some say skipping rope with hand weights. Nevertheless, my point is, almost any activity can add up, and with the watch (and maybe also your iPhone) tracking the majority of your daily movements, it could be enough to inspire you to add in more activities. The point is with the Watch, you get to see all of your progress, much of which you probably miss simply by having your phone near or on your person.
Ultimately though, as has been said, it's your choice. Although I think, your hesitation to return the watch could be you feel you haven't look into it enough.