Didn't for me. I restored my iPhone twice. First time without wiping first. Second time wiped via phone first, then a complete restore. (80gb... Took hours.
Both times watch was wiped. First time watch was restored from backup. Second time, set up as new.
Didn't work either time.
It's obviously not affecting every watchOS2 user, as my friend has one updated fine. And in fact any google searches for our problem turn up nothing. I only stumbled onto this thread thanks to Reddit. I strongly suggest as many of us as possible that are experiencing this report it to Apple. As thus far, it could only be the two reports that myself and BBqthis have reported that they know about.
Wipe using iTunes or directly on the iPhone?