According to Gourmet, there is no need to wait for a new version of the Apple Watch SE this year. Apple plans to update the budget model only in 2022. Unfortunately, there are no details about the new product. Most likely, it will be based on the current generation Apple Watch Series 6. That is, the watch will receive the same appearance, the Apple A13 chip and, possibly, the Always On Display function.
By the way, in addition to the new Apple Watch SE, the Cupertinians are still working on the protected Apple Watch Adventure Edition. They are credited with protection like Casio G-Shock and features like conventional models. Presumably, such a watch will also be released in 2022.