I could not find much information about temperature sensing, the only note on the Watch Ultra web pages seems to be
Temperature sensing. An innovative temperature sensor9 enables groundbreaking insights for women’s health and advanced cycle tracking.10 And it records overnight temperature changes, which you can see in the Health app.
As such it appears to be aimed at Women's health issues and there is no obvious comment whether it can do more general temperature sensing. I would also doubt the ability to get accurate temperature while immersed in water (implies swimming) because the colder water is likely to get between the human and the watch so it might show water temperature rather than skin temperature. It would of course be completely unable to measure body core temperature in these conditions.