Here is how to use Waypoints on the Apple Watch compass app, which has been updated for the Apple Watch Series 6 and later. Additionally, the Apple Watch Ultra has a new Action Button which can create waypoints as well.
First, you will need to open up the Compass app on your Apple Watch. From here, on the bottom left side, you will see the Waypoint button. If you click on this, the app will create a waypoint for your current location, as well as the ability to customize the name, color, and icon.
