A memory corruption issue was addressed with improved state management. This issue is fixed in watchOS 8.6, tvOS 15.5, iOS 15.5 and iPadOS 15.5. A malicious application may be able to execute arbitrary code with kernel privileges.
Apple Security Advisory 2022-05-16-5 - watchOS 8.6 addresses bypass, code execution, integer overflow, out of bounds access, out of bounds write, and use-after-free vulnerabilities.