To be pedantic it's not just GPS anymore. Newer smartwatches from Apple and competitors generally support multiple GNSS constellations including GPS (USA), Galileo (EU), GLONASS (Russia), Beidou (China), and QZSS (Japan). Some devices also support multi-band GPS which further increases accuracy in areas with degraded satellite signals, although at the cost of higher power usage.
Tracking performance on the previous Apple Watch Ultra 3 was "solid" in an independent test. A little worse than competitors in some activities, a little better in others.
https://www.dcrainmaker.com/2025/11/apple-review-ultra-3-in-...