Google wants to keep its Wear OS ecosystem in line and has confirmed in a Reddit question and answer session that there should also be some updates. Not too many details were mentioned, but it looks as if Google Wear OS could convert to an Android 11 base.
Plan to skip Android 10.0 in Wear OS
Current versions of Wear OS still use Android 9.0 Pie as a basis. Apparently the plan to skip Android 10.0 and jump directly to Android 11 instead. So Google said elsewhere that developers could use most Android APIs for wearables “once Wear OS is based on Android 11”.
In addition, as part of the open question and answer session, Google has also moved closer to the internal teams for Android and Wear OS. At the same time, Google emphasized that Wear OS, just like Android Auto and Android TV, enables updates to be handled differently, since new functions could also be introduced through the Wear OS app. So you are not so dependent on major operating system updates.