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Most certainly yes. A lot of the data that is on the watch comes from the phone itself. It is not unique data that was generated by the watch.
Sorry, there was a problem. Please try again later.Yes. As long as the data from your former iPhone is within the limit of your new iPhone, you can transfer the data. In your case, 116GB < 256GB, so this is possible. The Apple Watch 64GB of storage is separate from the iPhone storage. This is where you can download music or podcasts for listening from Apple Watch directly, for instance. Even if the 64GB were included in your iPhone storage instead, 116 + 64 = 180, and 180GB < 256GB.
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