My ultra arrived today. I dug through my watch band drawer and found this Jord Brushed Silver with Black Limba wood band. The brushed silver band and the titanium watch make for a good match. As it stands now, I wouldn't have any problem wearing this in a formal setting. And that orange button .. It's down so close to my wrist that it's hardly noticeable.
Follow-up .. After wearing my Ultra for a day, I take back what I said. It's just too big, and the band makes it look all that much bigger. So, instead of trading in my Apple Watch 7 I'll keep it for wearing in more formal settings.