If it doesn't have "VI3" then it should be fine.
Samsung says that they pulled the OTA that caused the issue. So it should no longer be available to Download & Install.
@Zaptor - I would skip the update for now.
Still have users can't start the watch after this new update. Seems like 50/50 chance.
Samsung Galaxy Watch 4's new update solves bricking issue for some users - SamMobile
Latest Samsung Galaxy Watch 4 update might still brick your phone: report (mobilesyrup.com)
Surprised that they would release any update without thoroughly testing it, especially if the initial update broke people's watches.. pretty unusual to see from Samsung actually.
I've never had any update on a phone that broke it.
Reluctant to use the word "brick", as it's virtually impossible to actually completely break a Samsung phone, because of the protected partition, which will always allow you to Reboot into Download Mode.
I don't know if Samsung's watches have the same protected partition, but if they do, then an owner SHOULD be able to Flash a working version on their watch?