I just went through a similar realization with my own Apple Watch. I had the Series 6 and switched to my Series 3 for a few days, realizing that I did not miss any of the upgrades the Series 6 brought to the table. And when I wasn't wearing either, I didn't miss any of the other features that I thought I "depended" on.

Now, I primarily wear my Apple Watch to bed (for the silent alarms in the morning) and when doing yardwork or other strenuous activity (more to keep an eye on my heart rate rather than to close my rings), and the rest of the time I either go without a watch or I wear an analog watch. There's something nice about a watch that doesn't try to do more than tell the time...

I don't know if I'll give up my Apple Watch entirely, but I did at least give up the Series 6.