Same issue, Zenfone 10.
Watch will vibrate to indicate a notification has been pushed, but does not display the message.
Oddly it has shown a notification, once, randomly, but nothing since.
Edit: I’ve noticed if I ‘raise wrist to wake’ after receiving a notification, I will see the message (briefly - depending on how soon I wake the watch). This doesn’t seem like the correct response, at least it is not how any other ‘smart’ watch I have used has gone about it (typically they will wake the watch to display the notification or display it on the always-on display for a set duration before returning to the watch face).