I guess the biggest question would be: what kinds of functionality do you want from your smartwatch form factor device? Are health sensors the main thing?
Looking at the specs … the RAM and storage are definitely low end. It is one thing to offer customisation but there has to be sufficient RAM and storage in order to contain your additional apps! The time between charges is not particularly good either, although that may be down to standby functionality. It doesn’t appear to have GNSS capability, which is available on some similar kinds of devices. Whether that is important to you only you know.
The big plus is … open source software (both within the device and on the associated host computer) … so that you control your data. There has to be some concern that where data is uranium (or gold), life insurance companies will be wanting this data, the court system will be wanting this data, …