This post made me want to play around with this; here's what I've discovered:
(w/Airport Extreme and Airport Time Capsule, newest AC versions)
Dual SSIDs... similar naming for each band, but not identical; same password
I, like OP, keep my capable devices on the 802.11 ac/5Ghz band... I never really considered the Watch using wifi, though, because it's constantly paired via Bluetooth. (Any reason for me not to? Serious question - getting great battery life, for a non-Plus version)
A couple of days ago, I left my iPhone at a shop on base to repair my shattered screen, and figured I wouldn't get much use out of the Watch for the 4 hours or so that they'd have it. Went home, and the Watch showed the little "Disconnected" icon as I walked through the door. Cool. Maybe 10 minutes later, I get an iMessage on my Watch from my wife. Phone's literally a mile away. I swipe to the Settings glance, and there's the little Cloud icon. Nice. So it does work. Just wish I had noted how long it took to connect.
Fast-forward to about 10 minutes ago, reading this thread; I disable Bluetooth on my phone, and the Watch disconnects... I let my phone see the 2.4Ghz band, which I don't normally have known to my devices, and the Watch connects in about 2 seconds. I turn Bluetooth back on, and the Watch prefers that connection in under a second. Turn Bluetooth back off, it immediately connects to the 2.4Ghz wifi.
Then I "forget" that band, and just have my 5GHz band; repeat the same steps. Everything appears the same, except it takes the Watch about a minute to connect via wifi. This could be because the phone is on a different band, or because the bands aren't identically named, but it does eventually connect. Bluetooth still wins out as far as the Watch's preference.
I guess this makes sense... the Watch connects to wifi at home if you're far enough away from the phone where you're out of Bluetooth range; I guess I'm rarely that far away, and/or not for long enough for the 5Ghz band to kick in. It's not a setting I regularly check, but just this quick little test - that seems to be what's happening.
TL;DR
OP, dual-bands do seem to work in our situation, it just takes a minute for the Watch to respond. As of now (photo), Watch is connected to wifi, and iPhone is connected to 5Ghz band (2.4Ghz "forgotten").