1st of June was my last update :-
(S21 fe 5g)
1st of May (android security patch) according to the software section of the wearable app :-
Galaxy watch 4 classic 46mm BT
Have you tried clearing the cache in the wearable app?
Clear cache > restart phone.
I've just had another update to the wearable app, making it around three recent updates
(The one that added nearby scanning permissions, the another at 103mb and just now 108mb)
If you've not updated it maybe worth giving the latest version a try.
Failing that I would make a error report using the members app and add your system log to it so the techs can see if there is any software issues and give you a more definitive answer.
I hope you get ut sorted out.
Best of luck