As an Apple Watch S4 Stainless Steel owner, I am for sure disappointed but at the same time in September, this will be 6 years old watch. I am already on second battery (currently at 88%). There are days that the watch dies on my around 6 pm. I will most likely keep it for another year, and see what watchOS12 brings plus new Apple Watches. I am for sure not replacing it this year just because apple dropped the support.
This watch does everything I want, and to be honest the watchOS 11 seems a bit underwhelming in the first place. As long as I am able to track my outdoor walks, and bicycle runs, use Apple Pay, and use Siri to open my garage, that is like 95% of my watch usage.