My Venu 3 is updated to latest non-beta version and works well including voice assistant to Pixel 7, making and answering calls. But, periodically, and I haven't found the cause as yet, the Phone dial on the watch app shows deactivated. When I see this, I now know that an attempt at the Voice Assistant will show "No Phone Connection". Only cure that I have found so far is to shut off and re-start the watch. This brings back the dial pad on the watch's phone app and re-enables the Voice Assistant. I've tried cycling Bluetooth on my phone, but this did not work.
The watch is otherwise full-time connected to my phone and synchs with the Connect App without any problems, including when "No Phone Connection" pops up when triggering the voice assistant or tapping on the disabled dial pad in the phone app.