There is any way to create watchfaces with Compose?

No there is no way and no plan to build watch faces in Compose. Our Kotlin watch face and complications libraries recently reached verson 1.0.0 and there are good graphical watchface building tools emerging.

Fundamentally Watchface implementations are quite different from Android Views/Compose UI. They draw to a canvas, while Compose UI does support Canvas elements and it's basically drawing to Canvas underneath (not reusing legacy native views), you would need to implement your own non UI Compose runtime. It's possible, but a lot of work for you to get started, unsupported and unlikely to be as efficient as the code you write to draw each frame in a Watchface.

What about for Tiles? Any plans to allow Compose in the UI building there?

Glance https://twitter.com/AndroidDev/status/1471178796195844099?t=p_NfXA14Iw4qiFaoOE7gLg&s=19