My take on these purchases is if it’s before the new year, it’s a great time to buy. You maximize having the watch while it’s supported (more so for phones but I think it applies to watches as well). As it gets closer to fall, I try to wait as a new one likely comes out.
TLDR it’s a good time to buy timeline wise
Formal occasions I’ll wear a normal watch, although I do have nicer bands for my Apple Watch if I want. I just think smart watches look goofy with a suit. Might get some flak for that but just my opinion.