Short answer: it depends on which SE you own. The original Apple Watch SE from 2020 does not get watchOS 26, while the second-generation SE from 2022 does. If you bought your SE around the Series 6 era and never upgraded, there is a good chance it is the 2020 model, which is now past Apple’s current software support window. You will continue to receive occasional security updates for a while, but you will not see the new watchOS 26 features or visual refresh.
How to tell which SE you have: on your iPhone, open the Watch app, go to My Watch > General > About, and look at Model and Version. If your hardware year is 2022 or you have crash detection listed in features, you are likely on the SE (2nd gen), which is eligible for watchOS 26.
If you are on the 2020 SE and want the new software, the most affordable step up is the SE (2nd gen). It delivers the modern watchOS look and ongoing support without the price of the flagship models. When you do upgrade, you can restore from a backup during setup to keep your faces and settings.
Update process for supported models: keep your iPhone on iOS 26, place the watch on its charger, connect to Wi-Fi, ensure at least 50% battery, then on iPhone open Watch > General > Software Update and follow the prompts. Large updates can take a while, so plan for downtime.
Bottom line: Apple Watch SE (2020) does not get watchOS 26. Apple Watch SE (2022) does. If you rely on new features, health metrics improvements, or simply want a longer support runway, consider upgrading from the original SE to the second generation or newer.