Wow! That actually worked... it never asked me to turn back on my wifi.
i tried all day today- the first time the update took 2 hours. It was stuck on “installing” for a good 30 minutes so i closed the app.
I tried to do it again but it took me back to square one- so i had to install the software again. That took another 2 hours. It went further than the first time- right where it says “connecting to your apple watch”. Then it was stuck there.
I looked on the internet to find answers and I came to this thread. And what you suggested to do actually worked!
I had my apple watch series 3 paired with my old iphone 6 and now i was trying to pair it with iphone xs.
Moral of the story- just keep on trying. Close the app, and start over. Thats what I did and it worked!