When it's working for me, it takes around 13 seconds. And I can't have my phone on until after I put on my watch. Right now it's not working at all. There's a sequence of shutting down both and restarting that has fixed this in the past, and I found this discussion looking for the sequence.You're right, it does. It just takes a bit longer. I just took off my watch, got it on the pin screen, then lifted up my phone - took 3+ seconds but then it unlocked the watch.
You're right. Thanks for that info!