Does the Galaxy Watch 7 Have a Rotating Bezel?
What Does the Rotating Bezel Do?
You typically rotate it to navigate between apps and screens or to move through a list.

Samsung
you might also use it to turn on the screen after it falls asleep.
along with tapping and swiping on the screen.
you might also use it for controls, like adjusting the brightness or volume.

Samsung
Which Galaxy Watches Have a Rotating Bezel?
Does the Galaxy Watch Need a Rotating Bezel?
The touchscreen interface on Galaxy Watches makes the rotating bezel a nice, but not crucial feature.
That’s just speculation, though.