You have to compare Apples to Apples. You're showing Android's square screen to Android's round screen, specifically the Moto 360 with the flat tire, instead of the Huawei that has an edge to edge screen. But here's a direct comparison to the Moto with text:
Note all the unused space, even with the flat tire. Now here's the same exact text display optimized for the Moto:
You see that so much more text can be included in the round display than with the Watch square display. Now imagine if this were a Huawei, and not the moto with the flat tire. There's a lot more space to optimize per task.
So no matter how you slice it, a similarly sized round watch even displays text better than the Watch for applications that require that. Of course the Watch gains the lead again when they get rid of those bezels, but for the last 2 years, round watches technically have had the advantage, whether they utilized it effectively or not. If Apple keeps the exact same display and bezels, then that advantage continues on for other manufactures to capitalize on it.