Bug-fix update v4.43 has been submitted to the Play Store
►Fixed: Error -505 (Thank you Mark Farthing, details below)
►Fixed main settings app occasional lock-ups (after updates)
►Fixed trimmed/hidden dialog buttons (e.g. in Color dialogs)
►Specific updates in the WATCH and the WIDGET components:

ANDROID WEAR WATCH
►NEW: Layers (see details/warning/apology here: https://goo.gl/uBDPA8
►Fixed: missing bubbles in ambient
►Change size/layer of multiple selected bubbles in Layout Designer
►Removed limitation on clock hand shape (circular hands too!)
►Improved the Layout Designer preview

HOMESCREEN WIDGETS
►Blank widget issue (reboot/update) less “Force redraw”
►Improved widget redraw efficiency

ERROR -505
User +Mark Farthing helped with logcat, thank you! I couldn’t reproduce the error, couldn’t have fixed it without your help. 8 users reported it: nothing seemed common (Note4, Note5, Nexus 5, G4, S6).
Turns out it was caused by interference with The Guardian app (or similar apps). Write if you need more info.