My experience with the Apple Watch is that Touch ID is faster to unlock my Mac. The “unlocking with Apple Watch…” thing takes too much time and by the time it would have completed my finger already reached the Touch ID and unlocked it.
Yes, Touch ID is faster to unlock in a desktop context. Watch auth works fast enough to unlock a Macbook by the time I open it in order to place a finger on Touch ID. Ymmv, this is me on reasonably updated and stock Air M1 and Pro M3 units.
Between touch and watch for machine login and 1Password everywhere else, it is a rare day that I actually type in a password. On those rare occasions, I feel some gratitude to be forced to type it so that I don't forget it entirely.