Flashing a ROM means installing the system image into the device's internal flash memory. Flash memory holds the Android's firmware, the same as most portable devices with an embedded OS.
The third-party ROM scene is a shadow of its former self, but some bigger projects are still being maintained. One of these is Evolution X, and Android 15 builds are now available. It’s worth noting ...
Google is working on an iterative update to Wear OS that will launch as Wear OS 5.1. It's in testing now, so give it a shot ...