Basically, it allows me to send voice memo's to another person, where the Apple Watch on the receiving end will play the voice memo when the Walkie-talkie function is on.
But here is the thing: I don't want to be disturbed 24/7 by a voice coming from my wrist. When I am available for others, my iMessage or Signal app will inform me of any incoming messages just as well. And when I am not available, I don't want the extra hassle of switching my Walkie-talkie app off as well as setting my phone to "do not disturb"