Yes.
Go into the Watch app on your phone.
Then into Notifications.
This might be time consuming but you should check each individual app in here.
I'll give you a few examples, you might need to check all that are important to you.
Activity - Allow Notifications
Mail - Mirror my iPhone
Messages - Mirror my iPhone
Phone - Mirror my iPhone
Then in the next category
"Mirror iPhone Alerts From:"
Run down the list and toggle those on or off (your preference).
Next check get out of there and go into Sounds & Haptics.
At the top of that screen there is a slider for the Alert Volume. Is it slid towards the right? Mine is sitting in the middle.
Under that slider, there is a toggle for Silent Mode. It should be off (not green).
Next, let's go into your phone settings.
Open Settings (gear icon), go into Bluetooth.
I assume that your Bluetooth is on (green slider).
Look at the list of things showing in "My Devices"
Is there anything in that list that shows "Connected"? Your watch should be, yes. It's there anything else in the list that is currently connected that could be stealing your notifications?
Let me ask you this, can you answer calls from your Watch? Can you hear the caller? If so, I'm going to guess the speaker is ok (unless there is more than one speaker, doh!)