There are many use cases and you need to consider where you fit in the spectrum:
1. I don't need this noise, I don't care about it. Answer: don't get anything. Period. You will not be happy.
2. I am concerned about my health from a health perspective and not from a a fitness perspective. Answer, get a smartwatch that has good health tracking.
3. I am concerned about my health from a fitness perspective. Answer, just about any smart watch or fitness tracker will work, find one that matches the metrics you are concerned about.
4. I want to track my rides/fitness/etc. while I ride. Look at a handlebar mounted device (like a Garmin Edge) instead of a watch or wrist-based tracker.
5. I am concerned about privacy and don't trust others with my data. Spoiler alert, everyone exploits your data. If you are dead set on some kind of tracker and you want to control your data better, get an Apple Watch. They still use your data but they don't resell it and they have the best track record on privacy. (Google has one of the worst).
6. I want something to track my rides but I am more than just a biker, I want access to lots of other functions like unlocking doors, playing music, paying for items, checking messages, even making calls. Get a full-function smart watch.
The list goes on and on.
In my mind the bottom line is that everything is a compromise. There is no single way to do it and there is no right way. There are plenty of wrong ways.
Think about the following carefully:
Privacy
Cost
Invasiveness
Functionality
Durability
Amount of data collected
Depth of data collected
Amount of bike-specific data collected
If you arrange these items in order of importance, we can zero in on your use case. The short answer is that there is no short answer and unless you get more specific, it is hard to say.
In general terms, if you think that you want a smart watch, you should get a smart watch. If you do not think you want one then you should not get one. I resisted it for years, relying on a Fitbit for my health tracking. After getting an Apple Watch I was blown away and kick myself for not making the change sooner. But my wife has only a Fitbit. When hers dies she will not use anything. Everyone is different, there is no simple answer here.