As varjak paw says, the GPS only will work, with the restriction that the Apple Watch cannot ask the iPhone to use cellular internet data.
Typically the Apple Watch is setup to mirror the iPhone with respect to Airplane mode, so that it will turn off its radios when on an Airplane and you are supposed to shutoff your devices. BUT, you can stay in Airplane mode, but turn the Bluetooth and WiFi back on for both devices, and then the Apple Watch can talk to the iPhone, and use WiFi is your iPhone is signed in to the WiFi access point.
If when doing International travel, you get a travel eSIM for the iPhone, then the Apple Watch would be able to use that.
Well actually the Apple Watch just asks the iPhone to get something for it, and the iPhone decides if it will use WiFi or cellular to get what the Apple Watch asks for. The Apple Watch is unaware of what cellular provider the iPhone is using, or if the iPhone decided to use WiFi to complete the request.
PS. I have owned a GPS only Apple Watch for 6 years. No international travel, but I've used Airplane mode when flying and been able to enable Bluetooth and WiFi when the airline staff said we could use our WiFi devices.