I've seen many threads like this one that state the following;
We understand that you have questions about compatibility with the new iPhone 13 and Apple Watch series 2. iPhone 13 will run iOS 15. Your Apple Watch will need to run watchOS 8. watchOS 8 requires iPhone 6s or later with iOS 15 or later and one of the following Apple Watch models:
Apple Watch Series 3 Apple Watch Series 4 Apple Watch Series 5 Apple Watch SE Apple Watch Series 6 Apple Watch Series 7
So fro, that answer I would say no, but then I find videos like this one online where people are able to pair Series 2 devices to iPhone 13.
So is it compatible or not? and if so what limitations does the Series 2 have when working with iOS 15 devices.