Buying Apple Watch Series 12 or Ultra 4 does not guarantee watchOS 27 will install on it tomorrow. Apple’s watchOS page states the update requires the paired iPhone to already be an iPhone 11 or later ...
Not every Apple Watch Series 12 and Apple Watch Ultra 4 unit was affected by the bug. But no matter whether your timepiece has been restarting or not, it probably is a good idea to install the update ...