The new Apple Watch Ultra features an Action Button which can be customized to do multiple things and will also activate the siren incase of an emergency.
The Action Button can open up the following:
Workout App
Waypoint
Backtrack
Dive
Flashlight
Shortcut
Stop Watch
Here's how to have even further actions for an app:
Open up settings on your Apple Watch Ultra
Scroll down to Action Button
Under Action tap the menu and click one of the options you want to use the feature for
Under App select the menu to perform an Action in an app
Under First Press tap the menu to select an Action you want for an app
This will allow you to have different actions assigned for different apps and assist you with making the process to open different apps on the Apple Watch easier.