Apple Watch comes in two models. One model for the US, Canada, Mexico, Puerto Rico regions. And one model for the rest of the world. This means its very likely, if you buy an Apple Watch in the US, it will not connect with your carrier in Argentina at all. And an Apple Watch bought in the US will have NO warranty in Argentina either.
It's ALWAYS best to avoid major headaches to buy your devices where you live and will use them. You'll certainly be able to use the watch as a GPS only model and not add cellular service to the watch, so that may not be important to you.
In terms of ECG, the ECG function will work wherever ECG has been approved by the government of each country. It doesn't really matter where the watch was purchased. I checked and ECG has NOT been approved by the ministry of health in Argentina, so no, ECG regardless of country of purchase will NOT work in Argentina. If you were hoping that by purchasing Apple Watch in the US, where ECG is approved, means you can use it in your country, you can't.
Here is a link you can use to see feature availability by country for Apple Watch --> watchOS - Feature Availability - Apple