There is no watchOS downgrade option. Once you install watchOS 5.3.2 update, you are stuck on it with your only option being to upgrade to the next version, aka watchOS 6.
This is important if you don't like issues or if you aren't sure about all the changes. For anyone concerned about problems, compatibility, and changes, it's smart to wait a week before you upgrade your Apple Watch to watchOS 5.3.2. This allows others to test the update out and to deal with any issues so that you don't have to.
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