It's unofficially reported that the upcoming GW8 series will get the same W1000 Exynos chip as last year's GW7.
Fabricated on Samsung Foundry's 3nm process and features a five-core CPU, the ARM Mali-G68 MP2 GPU, and built-in 32GB storage for faster performance, one high-performance Cortex-A78 CPU core and four Cortex-A55 CPU cores. It is 3.4x faster than the previous-generation wearable Exynos chip in single-core CPU performance and 3.7x faster in multi-core CPU performance.
Samsung usually uses the same Exynos smartwatch chip for 2-3 years.
I would upgrade, but I just fear that upgrading watches will mean I could get smaller battery life due to the updates needing more processing power, in which drains battery, which is what happend with the GW3, but currently I have the GW6.