You can lock it with “lost mode” via Find My on the watch. You can’t wipe it.

But when locked it throws away the keys to the storage in memory so they need to be retrieved from the Secure Enclave again through device password.

So without an absolutely amazing exploit all your data on device is totally inaccessible.

Nice! I had never realized that view in Find Devices scrolled down, embarrassingly. Thank you.

Sure. A few years ago all that stuff was in Find My and they split it out for some reason. Honestly I just assumed it would be there, checked, and sure enough it was.