Hello flyeyes,
Welcome to Apple Support Communities.
We understand that you have enabled Always On display but it doesn’t look as if it’s on. We are happy to assist.
Always On display is on, but the display will be dim when your wrist is down to save battery life. You can find that here: Use the Always On feature with your Apple Watch - Apple Support
"To preserve battery life, the display dims when your wrist is down, or by a quick gesture of covering the display with your hand. A wrist raise or tap on the screen brings everything back to full brightness and makes the watch screen active so that you can interact with your watch."
You are welcome to leave Apple feedback here: Feedback - Watch - Apple
Let us know if you have further questions.
Take care.