As a work around I discovered the app Gear Tracker. It costs money, but it's worth it as it has features and functionality that the Samsung Health App probably should have had to begin with.
I'm able to connect my Polar H10 heart rate monitor to my Galaxy watch with the app.
When I first looked into a way of getting this to work, the Sporty app was not available, but at the time of writing this, it looks like it's available again. May give that a try to compare it.
But I just wish Samsung would have included this basic functionality to begin with. Please consider adding this so that we don't have to use a third party application.
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