The Apple Watch Series 2 introduced a GNSS receiver supporting GPS + GLONASS, but there was no cellular / LTE functionality.
JIACO Instruments decapsulated the Apple S2 SiP of the Apple Watch Series 2 in collaboration with TechInsights. The S2 SiP also appears in a YouTube video by JIACO Instruments, which describes Microwaved Induced Plasma (MIP) decapsulation. The MIP decapsulation process is also described in more detail within a journal paper which was published in Oct 2018, available on ResearchGate.
The decapsulation by JIACO Instruments shows the Broadcom BCM47734 on the circuit board, so this can be regarded as 100% confirmed. The BCM47734 was also used in the iPhone 7, released with the Apple Watch Series 2 on 16 Sep 2016.
Thanks to the decapsulation of the Apple S2 by JIACO Instruments, we can see the Broadcom BCM47734, which was also used in the iPhone 7.

The part number BCM47734IUBG can be seen clearly, once the brightness and contrast have been adjusted.

Thanks to the decapsulation of the Apple S2 by JIACO Instruments, we know that it contains the Broadcom BCM47734.
Additionally, an article by eWisetech describes the changes with each generation of Apple Watch, and specifically mentions the BCM47734.