Can’t pair Apple Watch to new iPhone

I can’t seem to finish pairing my series 3 Apple Watch with my new iPhone (which is on iOS 14.3). I’ve unpaired it from my old phone, reset the watch to factory settings, and have tried several times to pair it with my new phone. It appears to successfully pair but I can’t complete setup without checking for software updates. When I check for software updates, I see a confirmation that my software is up to date (v6.1.3) but there’s no way to get out of this screen. The only button I can tap is a cancel button, which forces the watch to unpair and reset to factory settings again. I’m stuck in an endless loop.

I’ve also tried uninstalling and reinstalling the Watch app, turning Bluetooth off and on again, checking my wifi connection and making sure my Apple Watch is charged and on its charger, and restarting both devices again. All to no avail. Anyone else encounter this problem know of a solution?