I’m worry not,
Watch backups are stored in the phone, you can see them in the Settings app :
General > iPhone Storage > Watch
From there, you can only delete, but unfortunately not export
Unless you find a sw tool that allows that.. if so let us know.
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www.ultfone.com
I don't know if any of them lets you extract watch backup for free. I was using one of these apps to do something else, and noticed it had an extract watch backup function, but I don't remember if it was for free or which one it was.
Workouts will come back, they are stored in your iCloud health data and will eventually sync back but can take a lot of time if you have been using it a long time.