How many bluetooth connections simultaneously with Apple Watch?

I have an Apple Watch Ultra. Can it connect to 3 or 4 bluetooth devices at once? For example, can the Ultra connect and use at the same time: AirPods Pro, Polar heart rate monitor, Stryd pod, and iPhone 12 Pro?

I typically run with my Watch, AirPods, and Polar HRM all connected. I am considering getting a Stryd too and wonder if the Watch can make use of all these devices at once.