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It should be mentioned that the currently-marketed Apple Watch 3 is the WiFi-only model and this is worth noting because that model has only 8GB of memory.
The OS takes over 5GB. An OS update can require more than a GB, plus as much capacity for the temp files during install.
The result is that if you store any pics or music on the phone, or install any 3rd party apps at all, you may not have room to install a watchOS update.
The GPS/Cellular model of the 3rd gen has 16GB of memory. If you can find one of those new or refurb, you'll be better off than going for a new 3rd gen from Apple.
(Or, just don't get a 3rd Gen Apple Watch.)
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To me, the major advantage reason to get cellular on the watch is that you can call 911 even without a plan, without the phone. So you don't have to pay the monthly fee for the watch if you have a cellular watch for emergency purposes. It is hard to put a value on that, since you are putting a value on saving your life or the life of a loved one, but for that upfront additional cost it seems worth it. Even if very unlikely to occur. I do walk without my phone, and paddleboard, and do other things. Plus you can loose your phone, or drop it in a lake or crash your car, etc.
I am currently paying for the plan (but didn't for several years with the S3) because it is only $5 extra per month; I am undecided on if that is worth it. I probably wouldn't pay $10. It is funny/weird/sometimes helpful to get a call on my watch when I am way out in the woods somewhere walking my dog.