Apple Watch Ultra 2 is stuck on the S9. The S10 looks different if visually inspected but curious to know performance differences as they didn't mention much about S10 improvements this time.
It does bring some feature improvements year over year. Siri works offline on S9 and Ultra 2, the S10 has a neural network to remove background noise if you use it for phone calls.
Keep in mind it's an SiP. It might just be a reconfiguration to fit the different sized case and not much in the way of a new chip. That would be why AWU2 gets all the new features of the AW10.