Greetings camhabib,
We did some research for you on this and, per the watchOS and iOS User Guides, it does not appear that there is an option for viewing waypoints on your iPhone in the Compass or Maps app.
Here’s some information on different ways to utilize those Waypoints in the Compass app on your Apple Watch - Use the Compass app on Apple Watch
Create and display Compass Waypoints
On an Apple Watch SE or Apple Watch Series 6 and later with watchOS 9, you can add your current location as a waypoint in the Compass app. You can then see the distance and direction to each Compass Waypoint you create.
1. Open the Compass app on your Apple Watch.
2. Tap to add a waypoint.
3. Enter waypoint information such as label, color, or symbol (car or home, for example), then tap Done.
4. To view a Compass Waypoint, tap a waypoint on any of the three Compass screens, turn the Digital Crown to select a waypoint, then tap Select.
The distance and direction to the waypoint appear on the screen—“3.7 miles to your left,” for example.
5. Tap the bottom of the screen to show the waypoint on a map, along with its coordinates.
To edit information about a selected waypoint, tap on the waypoint screen.
Thanks.