You definitely can! I have 1 for sunrise and sunset(at anytime really)
You can also use your location to change your watch face. For eg. at work and etc
I use automations and shortcuts to change watch faces
I use infograph to show 8 complications during the day and a simple face for nighttime
Both can go as low as 1 nit if I am not mistaken. But maybe the ultra can go into lower frequency as well
Watch Battery lvl on iPhone lock screen works