AquaMail does not, ever, at all, "produce calendar notifications on the phone".
AquaMail's job is to:
- Receive calendar events from the server
- Store them in the Android Calendar Provider, a centralized "database" where all calendar events, from all apps, are stored, and can be read by all apps as well.
- With reminders, if a reminder is set on the server event -- meaning some data associated with the event's other data when it's stored.
You hadn't mentioned specifically if the events synced by AquaMail have reminders when you look in the Calendar app -- but I think, based on what you wrote, that they do.
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But the criteria is -- "does it work or not".
Well, I just did a test -- creating an event with a reminder in Office 365, syncing it to the phone via AquaMail.
The reminder did trigger on my Wear Watch (as well as the phone).
And since Android devices (phones, watches) always work in a consistent, predictable, way (hahaha!!!) -- things should not be any different with any other Wear device (mine is a the basic LG model) or phone (I was testing on a Nexus 5).