Google plans to resume rolling out Wear OS 5 for older Pixel watches “later this year,” as previously reported by Droid life.
If the update broke your watch, there are ways to get it working again. Google's support site has a number of general troubleshooting steps for fixing a frozen clock, as well as instructions for performing a factory reset via Fastboot if you can't get to the usual settings.
Additionally, if your Pixel Watch is healthy and working, Google just introduced a nice new feature that will display a notification on your phone once your watch is fully charged – and you don't need Wear OS 5 for that.