I have been considering this too, but it feels like such a big step! Perhaps it is too because we don’t have the 4G/LTE Apple Watch overhere. There is no e-sim support at all. :-(
What is keeping you from ditching the phone completely?
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I have one of those too, but for travel. It’s a bit heavy for my taste, but it packs so much power in a compact package that it is worth it. And the combination of USB-C and USB-A port with reasonable fast USB-C charging makes a real winner for use with the latest iPad Pro’s and Macbook Pro’s all with USB-C ports.
OT: I always had my ipads with LTE. It is a seriously expensive option IMHO and the early iPads look seriously damaged with the big black plastic patches on the back, but not having to tether (which still isn’t perfect, I still need to use it with my MacBook Pro and it works about half the time) and not having the battery of my iPhone drain at double speed is a big plus.
And, if I’m honest, I use it at least once a week but some weeks I use it daily. So it is a worthwhile investment for me.