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Thank you for that information. If the battery optimization doesn't fix the symptoms you are experiencing. I would recommend submitting an error report using the Samsung Members app so they can look at the error log for the connection between your Galaxy watch and your Galaxy Z fold 2.
Be sure to click " ✓ Accept as Solution" when you find an answer that works for you.
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You see, and this is no joke now, there may not be any thing wrong with your Samsung phone nor your Galaxy watch!
Like mine, and so many others, the phone chip given to you by your phone service provider maybe bad or incorrect for your phone. Might I suggest you take the phone back to your provider, have them swap the chip for a new one in front of you so you observe and verify this has been accomplish, and then enjoy the new phone with all its exciting features along with the rest of us. Yes, you're quite welcome.