I found an error in the documentation for docker-compose autoupdate section for arm64. Watchtower was giving continuously restarting with an error "exec /watchtower: exec format error". To fix the issue, I had to change the docker-compose file by updating the image to "containrrr/watchtower" from "containrrr/watchtower:latest-dev".
The issue is with the docker-compose autoupdate section for arm64. After running “docker-compose ps,” it was found that watchtower was continuously restarting. The error in the logs was “auto_update_1 | exec /watchtower: exec format error.”
To fix this issue, the line in docker-compose should be changed from image: containrrr/watchtower:latest-dev to image: containrrr/watchtower. Then, rerun a docker-compose up -d, and everything should run smoothly.