Yes, I apologize for causing confusion for dropping the "iPhone Storage" from the name "Storage" within the path.
Unfortunately the link to apple support article about backups does not answer my question. As the article says, there should be automatic iCloud backups of my watch data, in addition to the backup created if I were to unpair my watch. The article does not state where one would find these backups. I found several articles online that explain where the backups should be located, which is within the file path listed above. When I navigate to the page of "watch" via Settings> General> iPhone Storage > Watch, I have no data size under "Documents & Data" and there are no listed watch backups associated with prior iCloud backups.
So far, I have not unpaired my watch to forcefully generate a backup. I am looking for the iCloud backups in the event that I need them in the future.
Here are several articles that explain that the backups associated with the iCloud and one created through unpairing should be located on this page. My "Watch" page has no list.
https://reincubate.com/support/how-to/apple-watch-backup-not-appearing/
https://www.idownloadblog.com/2017/07/21/where-are-apple-watch-backups-located/
https://9to5mac.com/2019/03/05/delete-old-apple-watch-backups/