Short answer: yes, it can be done in Android Studio.
Bear in mind that WFF is the only watchface system used on Wear OS 5, so older code-based approaches are effectively deprecated.
Before jumping into Android Studio, ensure that the limitations you’re seeing are due to WFS rather than WFF. Check out the WFF XML doco.
If you use Android Studio (and I am), its role is basically just XML text editor (with no WFF-specific assistance), command line access for building and installing, and Android Emulator for testing.