The live screen for a cardio exercise: a running (or counting-up) clock, the prescribed machine settings, and your heart rate if it's available.
The top line shows which segment you're on and its prescribed settings (speed, incline, level — whatever applies). The big number counts down a timed segment or counts up an open-ended one, turning gray while paused. Below that, either your live progress toward a distance goal (outdoor cardio) or a preview of the next segment's settings, and your heart rate in bpm when the watch can read it.

If a workout is being run from both devices and the other one finishes this cardio exercise first, your watch hands off to the next exercise on its own — you don't need to do anything.
Related: "Logging a workout", "The set overview screen on your watch".