In my case, my phone killed the smartwatch service and then it "revived". So I put the Low Memory Killer (LKM) (not sure if is that the English name, in Spanish it's called "Prefijos de Limpieza de Memoria") into a lower value that it had (depends of the phone). After that, my disconnections problems disappeared
To change it, I recommend use Kernel Adiutor, an awesome kernel tweaker.
I hope this works for you. Tell me your results. Peace