As an owner of an Apple Watch Ultra 1, I can honestly say that the best benefit I enjoy about it is the longer battery life – there are many other aspects, but this is the key for me.
With the price being considerably higher, I'm also going to break the cycle of upgrading my Apple Watch probably too regularly.
The maximum time I have owned an Apple Watch prior to this is about 18 months and I often upgraded annually.
I plan to keep this one for another two years (so three in total).
I see others have said to wait because there may be an update, but I've never agreed with that POV for technology as there's always an update and if you don't jump in at some point, you miss out.
So I would say, providing it makes sense for you financially, go for it!