Wear OS: Can't connect to Home Assistant instance over Bluetooth

**Home Assistant Android version:**
WearOS version `beta-1626-edc4142`
Phone version `beta-1626-edc4142-full`
**Android version:**
WearOS 2.33
Android 11
**Phone model:**
OnePlus 7 Pro
**Home Assistant version:**
core-2021.11.2
**Last working Home Assistant release (if known):**
None.
**Description of problem:**
Wear OS can't find my Home Assistant instance. It neither shows up in the list nor lets me manually connect. Works fine on WiFi (with disabled Bluetooth) or with the phone and other devices in my network.

**Traceback (if applicable, to get the logs you may refer to: https://companion.home-assistant.io/docs/troubleshooting/faqs/#android-crash-logs):**
*unavailable*

**Screenshot of problem:**
*unavailable - there is a sad cloud icon with the message "Could not connect" but it vanished too fast to screenshot*

**Additional information**
No public instance, i.e. no Nabu Casa
Not using a VPN - neither phone nor watch
After a successful log in over WiFi and switching back to Bluetooth, the list of buttons is empty and it just shows the titles.
Update for version `beta-1626-edc4142`: After a successful log in over WiFi and switching back to Bluetooth, there is a title "Loading" and a primary button "Please wait while we load your entities" but nothing ever happens.