All Wear OS smartwatches continue to rely on old SoCs, except for the Galaxy Watch4 and Galaxy Watch4 Classic. However, an extensive leak has revealed details about the Wear 5100 and Wear 5100+, two upcoming Snapdragon smartwatch platforms.
https://www.notebookcheck.net/Qualcomm-Snapdragon-Wear-5100-and-Wear-5100-specifications-leak-with-GPU-improvements-and-promises-of-better-battery-life.602709.0.html
If we go by the rule Qualcomm should release the new chip in Q2/Q3 2022.
Sadly Q3 would probably be to late for Fossil Gen 7 though