I’d say it depends on the person you’re buying for, but if they’re into Apple and would benefit from the watch (mostly for fitness - though I’m no gym fanatic and I find it to be useful for keeping an eye on activity) then it’s a good gift.
It’s also a handy way to save on battery on your main phone - I just check my watch for the notification instead, avoiding waking the screen on my phone and do see an improvement in battery life vs days when I don’t use the watch!