Yes, you can also reset your Apple Watch using the iPhone model that is it paired with, though this method is for people who do not have access to their iPhones and need to reset their Apple Watch.
Essentially the easiest way to remove the Activation Lock is to unpair your Apple Watch with your paired iPhone.
If, however, you don’t have access to the iPhone or even the Apple Watch, then you simply need to visit icloud.com and sign in with your Apple Account. From here, you can access your Find My settings and remove your Apple Watch without needing your device to hand.
No, you can pair more than one Apple Watch to your iPhone and easily switch between them. Your iPhone should detect the Apple Watch you’re wearing and automatically connect to it, however you can also manually switch between watches via the Apple Watch app on your phone.