Did you manage to get the watch set up? I also have problems getting my watch 2 pro set up on my Poco F5 pro after installing HyperOS 2. The App always stops at 12% into the pairing assistent. Although it works on my old Mi 9 with crDroid 10 and also did work on HyperOS 1.
Tried latest global rom cepheus_global_images_V12.0.4.0.QFAMIXM_20210115.0000.00_10.0_global via MiFlash in fastboot... still nope. Qi hardware seems to be faulty.
Did a clean flash of last pre Android 11 ROM - 20.12.9 ... guess what? Still not starting to charge... Seems to be a hardware failure on my device, so I'm going to send it in for repair... fuuu!
Same for me. Does it work when charging animation is turned off? Cause I'm also considering a hardware failure on my Mi 9. It doesn't even work when charging animation is turned off, which did the trick for others as a workaround.
Question: Does wireless charging work while in recovery?
Because I get the same flashing LED in recovery (OrangeFox) also. So it's either Firmware (not ROM) related or coincidentally some hardware related to wirelss charging broke after upgrading to Android 11.