Welcome to Android Central! I moved this to the Fossil forum for more specific traffic.
Does this only happen when the watch has been idle for a while? I noticed this with all of my Wear OS watches several months ago, and I think it was some kind of battery-saving modification that was added to "H." If my watch has been sitting around on a table (not on my wrist) for a while, and then I wake it, I usually see that it has disconnected from the phone -- but it then automatically reconnects within about 10 seconds. There have been times, though, where I've had to go into the Wear OS app on my phone to disconnect/reconnect.