Like everyone else I had to do the hard reset because of the boot loop issue that's going on. When I reconnect my phone, the watch prompts me that it found a backup file that was a day old, and I tell it yes to restore using that file. However when all is said and done no settings are restored... I now have to redo the watch face from scratch, reconnect Garmin Pay (just got an email from Bank of America my watch was disconnected), reconnect music, etc. Is that just the way it is? Did I do something wrong? Just bad luck?
EDIT: It looks like some but not all settings did get restored, I just didn't play around enough. Although the watch face changed back to the factory default, once I changed it back to the one I use my custom layout and fields appeared. I did a run last evening, and the display is my correct one too and it tracks intervals like it is supposed to. Alarms were restored. Things that didn't restore: WiFi, Garmin Pay, Spotify App and playlists/music.
EDIT: Also, I should have gone to DC RainMaker's website for the best info: article link. He has clear instructions on how to reset phone with a method #4 I could have tried to avoid resetting settings. He also explained the issue, that it was a bad GPS file, and that these get updated almost weekly. This sounds a lot like the great Microsoft Crash of 2024.