For those who are habitually late, setting your watch a few minutes ahead is a simple life hack to help with your timeliness.

Unlike a traditional watch, when you first power up the Apple Watch, the task of setting the time doesn’t exist. The Apple Watch merely duplicates the time on your iPhone, and that’s that.

Or is it?

It may be a bit buried in settings, Apple has included the option to set a custom time on your Apple Watch. Here’s how:
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https://www.cnet.com/how-to/how-to-set-a-custom-time-on-the-apple-watch/