Using something like Tasker and giving it device permissions, you can define triggers to do whatever you wish e.g. lock the phone / reboot / factory reset.
For example, disconnecting from your smartwatch for e.g. 1 minute could lock the phone, for 1h could reboot it, for 1 day could factory reset it.
Note that device-admin is only really necessary for locking the phone. Rebooting and factory reset can be done by making Tasker dial special (MMI) phone numbers (c.f. https://www.wikihow.com/Android-Secret-Codes#Backup-and-Reset-Codes)