The link accessibility trait is applied to UI elements that open some web content. It usually appears in-line in the content and represented by underlined text, but not always. VoiceOver will say "link" after the accessibility label.
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If your watch app has good VoiceOver support, chances are you'll also have good Assistive Touch support. But an improvement you can make is to implement a quick action (triggered with a double pinch) when there is a main action you can perform.

Accessibility labels might not be the best input labels, used for example to find or interact with elements with Voice Control or Full Keyboard Access. In those cases, you can provide accessibility user input labels.

You don't have to offer an alternative layout just for the accessibility category. You can actually compare content size categories. So you could tweak the UI already for anything equal to or larger than .extraExtraLarge, for example.
Content © Daniel Devesa Derksen-Staats on Accessibility up to 11! is licensed under CC BY 4.0. License details