I don't see anything about the "Unlock your iPhone with your Watch" feature that 14.5 is going to have[0] - i'd be interested in reading the in-depth security considerations they had. It's also currently a mystery if this feature does a partial Face ID scan in addition to requiring an unlocked Watch.
0: https://www.macrumors.com/2021/02/01/iphone-apple-watch-unlo...