Yup! Although I have asked Apple to release it gradually over 7 days so it may not be available for everyone for a while.
I have had one problem reported so far where the iOS app updated but the watch app did not and was still on the previous version, so please look out for that and let me know if it happens. To check that you have the new watch app swipe down to the bottom of the main menu and there should be new buttons for Settings, Map-Only and Workout History.
The user whose watch app did not update managed to fix it by uninstalling and reinstalling the watch app (NOT the iPhone app), but it may be possible by just installing the new version of watch app using the App Store on the watch.
This is something that happened occasionally with the last release. I was hoping that Apple had fixed it with watchOS 7 but I guess not. I hope that it is not more common this time, so could anyone who experiences it please let me know. Thanks.
Hope you like the new version!