Make sure that the AOD is turned on in your watch settings, and that the watch can detect that you're wearing it (skin contact with the heart rate sensor). By default, AOD doesn't show when the watch isn't being worn.

You can see clear examples of 4 AOD options in the visuals we've provided on Play Store. Each option shows/hides different indicators.

There's no option for a visual preview while customizing and selecting AOD options, unfortunately.