Okay, I've been a Wattpad user for... gosh, probably seven years now, off and on. The short answer is yes, absolutely it can help you track and discuss chapters, but it's not a perfect system. It's built for that community interaction right at the chapter level.
You get the comment threads right under every single chapter update, which is the main thing. It's where people react in real time, speculate, or just spam 'UPDATE SOON' in all caps. For tracking, the app sends push notifications for stories you follow when a new chapter drops, so you don't miss it. The library shelf organizes everything you're reading by 'unread' and 'read' status automatically.
But here's the thing—it's chaotic. The comment quality varies wildly from deep theory-crafting to memes and off-topic chatter. There's no formal spoiler tagging, so you risk seeing major plot points if you scroll comments on an early chapter. And the 'updates' feed can get clogged if you follow a lot of writers. It works, but it's a very specific, informal kind of discussion space.