It would be nice if the Watch's values would more accurately reflect real world. I'm consistently below average, even though that's not reflective of my actual fitness levels at all. That said I actually don't care that much about nominal accuracy (really regarding any of the values) as I don't care about comparing myself to others. In the end sports is about doing yourself some good, and if your level of fitness suits you, your just fine. What the Watch is really good at on the other hand in my experience is consistency. I really enjoy seeing my development and trends regarding my fitness and this seems fairly accurate and resembles my workouts during the years, like being less ambitious in the winter months compared to the rest of the year. Also other values appear to be pretty accurate, so there's that. As VO²max is somewhat the most obscure value, as it's not actually measured, but algorithmically calculated based on different factors I think Apple could adjust it's precision with software, and I hope they will.
That said nobody should belittle themself when doing sports based on any data. Doing something as always better than doing nothing, no matter what the numbers say. And as I said; Trends do show quite accurately, so let those be your motivation the keep it up. Your body will most certainly profit. As will your mental health.