Same issue here, will try the work around.
Updated, tried work around once no luck. Discovered watch was on a different wifi network. Well techinically same wifi network but the network has 2 ssids one for 2.4 and one for 5ghz. Put them both on the same, and didn't fix the issue. Tried the workaround again, and this time opening the Apple watch it crashes immediately. Restarted iPhone, this time didn't crash and software update doesn't show error for the first time but also doesn't show any available update (even though profile is installed.) Force quit app opened Watch app again and now crashing again. Will keep trying various steps of restarting the devices and reinstalling the profile and hopefully eventually will get luckily.
Update: While iOS watch is currently crashing on load went to software update through the watch settings itself and shows beta 4 there woot! Download now finally.