Can you activate a Canadian Apple Watch with a US iPhone?

I have a Series 7 apple watch with a Blood Oxygen Sensor. I like this feature, but the battery is getting a little bit sluggish and I'm ready to upgrade, but I can't bring myself to pay the Apple Upgrade Tax to a 9, and actually lose a feature I already have and actively use for the foreseeable future*.

However, I live in Northern Washington State about 15 minutes from the Canadian border. My closest Apple Store is actually in Canada. I visit there about once a week on average for social events.

Because Apple has been forced to disable the blood oxygen sensor on all Apple Watch Models sold in the US (and yet, make them no cheaper), would a GPS watch bought in Canada still be activate-able with a US iPhone? Would it then immediately disable the Oxygen Sensor?

I do not care about cellular functionality, to be clear. This isn't a question about Cell Service.

Are there any other features that have been regulatorily limited (like the ECG was, in the early days) that are limited on Canada models?

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*(until Apple or Masimo backs down, or until 2028 -- I'm not holding my breath, mainly because I'd have no way to measure how damaging it would be)