What do two orange masks mean at the top of my Apple Watch

That Icon represents "Theater Mode" is enabled. Please refer to Use Control Center on your Apple Watch.

Turn Theater Mode on or off.

It means the watch is in Theater mode - a mode that silences the watch, keeps the screen dimmed when you raise your wrist, and other socially-acceptable things that are suitable for a theater environment.

You can still tap the screen to activate the screen, but it shouldn't suddenly light up.

Use Control Center on Apple Watch - Apple Support

That is theatre mode;

Theatre mode prevents the Apple Watch display from turning on when you

raise your wrist, so it stays dark. It also turns on silent mode and

makes your Walkie-Talkie status unavailable, but you still receive

haptic notifications.