Hi
When Power Reserve mode is activated, all that you can do with your watch is tell the time (by pressing the side button once). The watch will no longer track activity in the background via the Activity app, nor can the Workout be used. This mode designed to keep this function (telling the time) available for as long as possible. In addition to being available as manual option, Apple Watch automatically switches into Power Reserve mode when the battery level reaches a low level.
More information:
Using Power Reserve - Apple Support
Airplane Mode disables both Bluetooth and Wi-Fi connectivity, so you watch will no longer be able to communicate with your iPhone or use any functions that rely on that connection (eg calls, messages, playing music from your iPhone).
You can still use features that don't rely on the iPhone connection - including keeping track of your activity (Stand, Move, Exercise) with the Activity app and tracking workouts (without using GPS data from the iPhone) via the Workout app.