I'd argue security updates are not needed too.
It depends on what the device is used for.
Most security concerns nowadays are from users giving easy access to nefarious people. Usually easy passwords that can be collected from social media.
I'd also argue that corps like Microsoft, Google, Apple etc, can have far more nefarious intentions than some random hacker. Even if it's just data leaks. There is safety in a crowd. But when corps control the crowd... That's more of a reason to raise security concerns.
I'll never wear another smart watch.
The laxer on it burnt a pin sized hole on my wrist that has scarred. This broke the straw for me, never again... Don't trust them at all.
Other than the above. Taking it on and off daily to charge. Having to update it constantly. Having notifications constantly (easy solve). Having to touch it to wake. They just aren't designed well.
I had a seiko watch that was nice, but I felt like wearing it daily would damage it.
If I were to get another one, it'd be either a durable mechanical watch, or a dress watch. Wish I'd kept the seiko over the bullshit smart watch replacement.