I’ve forced restarted both iPhone and Watch and also unpaired and repaired the Watch. The issue persists. It worked when I had the Watch paired with my iPhone 11, it was after the transition to the 12 Pro that the issue began. What else should I do?S4 running same software version does not show these issues so far. I guess, you tried to restart watch and phone already?
Maybe changing the pin/pass on your watch might be worth a try? But that is just a guess based on the issues, related to the mac-unlock issues, mentioned in another thread.