Yes, I believe that is possible.
However, I do not recommend it as it is a lossy format, that is designed for high res. photos.
Hope that helps.
DarrenCNDR
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To create watchOS user interfaces, either SwiftUI, or storyboards through WatchKit (deprecated) can be used.
SwiftUI is much more flexible and allows more control compared to storyboards.
Apple strongly recommends using SwiftUI, and it is very much the norm now.
See: https://developer.apple.com/documentation/watchkit/
Hope that helps, good luck!