This is pretty much true. Google doesn't seem to particularly care about Wear OS, Qualcomm can't make a decent chip for it, and manufactures aren't coming out with anything compelling. With wearables, it really does seem like it's mostly Apple Watch along with Fitbit, Garmin, and a few others.
So it’s WAY behind the chip in Apple watches in terms of performance.
Even if wear OS was better (never used it myself) it couldn’t compete.