I still rock a Series 4 and we're now at Series 8. Has Apple updated the hardware sensors och improved the active calories burned algorithms on newer watches?
All those calorie estimates are just a rough guess so they'll vary by manufacturer or device. A newer watch will most likely have a different number of calories burned than your current one but doesn't mean it's more/less accurate. Best recommendation is to use the same device to calculate calories so variables stay the same, same method applies to a weight scale.
None are really accurate. If all the Apple Watches are on the same OS, they would figure calories using the same algorithm. At best is it a calculated guess, best to just use the numbers to compare from day to day.