Time is relative. Sometimes 10 minutes can seem like forever, but other times it's the blink of an eye and that pot you have in the kitchen is boiling over. Setting timers can prevent that, but what if you need more than one? That wasn't an option on the Apple Watch until now. At WWDC, Apple casually mentioned that multiple timers are coming to its wearable.
This feature will be a part of watchOS 8, which should launch later this year alongside iOS 15. When the update rolls out, you'll be able to call up Siri on the watch and set a timer. Then, you can do it again, and again, and again (presumably). Apple only says you can have "several" timers, whatever that means.
In addition to creating all those timers, you can give them labels to keep everything straight. So, you can call one timer "rice" and another "veggies" so there's no confusion when one of them beeps. Again, you add these labels with Siri. However, you'll only have this feature (along with all the other WatchOS 8 goodies) on the Apple Watch Series 3 or later. The first two generations won't be getting the latest wearable OS.