The short version
For HRV and sleep — the things Oura was built to do — Oura wins decisively. For general smartwatch features, Apple wins. They are different products with overlapping HRV listings; the comparison is mostly about whether HRV is the reason you are buying.
When is Oura the right pick?
If you want to track HRV and sleep as the central job and you are willing to absorb the $5.99/month membership, Oura is the right shape. The form factor, the roughly 4–7-day battery, the continuous overnight signal and the sleep model all line up around the HRV use case in a way Apple Watch does not.
When is Apple Watch the right pick?
If HRV is a feature on the list but not the deciding criterion, Apple Watch is the right shape — ECG, messaging, payments, apps, fall detection, the deepest smartwatch ecosystem available. Just do not pretend it is the HRV tool Oura is.
The hybrid case
Many users land here: Apple Watch by day, Oura by night. Apple comes off when you go to bed, Oura stays on. Cost is the trade.