Ultra 2 - weather complication not following current location

I am using the Apple weather widget as a complication on my Apple Watch Ultra 2. Instead of showing the weather details at my current location, it is showing a location about 5km away. Interestingly

• the location of the weather app on the iPhone is correct
• the Ultra 2 is showing the correct current location in the apple maps app

So it looks like both the iPhone and the Ultra 2 know where I am. Just the Ultra 2 weather app does not.

Am I missing something here.

I have gone through the fixes on the internet (power cycle both devices, turn location services off and back on for weather on the iPhone).

iPhone SE 2020 is on iOS 18.0.1

Ultra 2 is on WatchOS 11.0.1 (22R361)