https://wccftech.com/download-final-version-of-watchos-7-4-released-for-apple-watch/

Full and final version of watchOS 7.4 is now available for compatible Apple Watch models. It is an over the air update, as usual.

It should become obvious that the iOS 14.5 and iPadOS 14.5 updates are going to steal all the thunder from everything else. But make no mistake, watchOS 7.4 is equally important if you have an iPhone running iOS 14.5.