I have an Apple Watch paired to my iPhone. I don't use the apple-watch.app often, so I'd like to remove the app from my Home screen.
The apple watch app on your iPhone will not let you remove itself unless you unpair the watch first.
So technically, no. As it is essential for the operation of the watch. What I did was just make a folder named 'Apple' and dump all Apple apps that I don't use often but somewhat essential for some things into that folder, like Weather, etc.