is there a locator on the watch
is there a locator on the apple watch
Apple Watch Series 3, watchOS 8
Do you mean locator if your watch is lost? See this if your watch is lost or stolen, which requires Find My had to be enabled before the watch went missing and to be located, must be powered on and connected to a network --> If your Apple Watch is lost or stolen - Apple Support
This link will help you as well --> Use the Find My app to locate a missing device or item - Apple Support