Software support for the Galaxy Watch line is not great right now. Even the Galaxy Watch 7 is running on the relatively outdated June 2024 security update. Fortunately, Samsung is working to rectify this mistake.
Over the past few days, the Galaxy Watch 7 and Galaxy Watch Ultra in more markets have received the November 2024 security update. Initially, the update was only rolled out in South Korea.
It's hard to know exactly which markets the November 2024 security update has landed in. Fortunately, you can check manually by opening the Settings app on your watch, going to Software Update, and selecting Download and Install.