I doubt Samsung has made a completely new from scratch ROM just for a watch...
So my ignorant guess would be that it's based on Android.
Can't you disable the application completely?
If that's not even possible, I'm starting to think that we don't really own these devices , they are just being leased to us for a period of time before they force us to buy a new shinny thing.
Other then hacking it , if they won't allow you to do much, then that's it...