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I have the same issue on my Ultra.

Apple support run remote diagnostics for my watch and did not see any problems through that. They have standard "spaghetti on wall" advise to
  1. Upgrade to iOS 16.0.2
  2. Unpair and pair the with the iPhone again
To me this seems to be a software issue, but if there is no fix, I'll probably return within the return window, and then buy again just to be on the safe side and not needing to start a repair process.
 
It has to do with sub-dials. Had same exact issue as everyone else. On a Reddit forum, someone posted that removing the noise sub-dial from your watch face fixes the issue.

No this isn’t perfect and Apple should fix this asap

I do not have a noise complication on my watch face, but I do have the mic issue on my Ultra.
 
is the issue fixed after recent update (9.0.2)? For me it is not fixed, I am on series 7 as well
I took my Watch to Apple Store for service on October 1, according to the genius it was then sent to factory for further diagnosis. Later I received an email saying it arrived on Oct 7, and then it just sat there, for 4 days, until Oct 11, I got another email from Apple, saying "no issues found, your watch will be returned to you shortly". My guess would be they just did nothing but waiting for the new software.
 
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is the issue fixed after recent update (9.0.2)? For me it is not fixed, I am on series 7 as well
Received my returned watch yesterday, not fixed, even not updated to the latest watchOS. But even after I updated to 9.0.2 the issue is still there. I'll have to bring it to Apple Store again. Can't believe this is Apple service.
 
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Received my returned watch yesterday, not fixed, even not updated to the latest watchOS. But even after I updated to 9.0.2 the issue is still there. I'll have to bring it to Apple Store again. Can't believe this is Apple service.
I have given mine for replacement as well, they have given time of 10 to 15 days. Let’s see what do they do with mine
 
Update Nov 4 2022: Genius at Apple Store promised me that they would replace my S7 with an S8 as it wasn't repaired after twice sent to Apple. At the moment I am still waiting for the replacement watch. It's been over a month.
 
Hey bro. I’m also continuing to face the issue on 9.0.2 in my series 7 cellular 45mm. What are you planning to do?
Update- Given at serving centre. They could not replicate issue and returned the product with same issue persisting when paired with my phone
 
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