Thanks to this crucial piece of information, I've purchased a complete FOIS 2024 bracelet (reference number is 020Z019159 in case anyone else is interested) and tried some fittings on my 321 EW, here are the results:
1. The FOIS clasp indeed won't fit the 321 bracelet, due to different width of the swing arms on the 321 bracelet. As shown in the pictures below, the gap between the swing arms of 321 bracelet is too narrow to accommodate the width of the push button in the FOIS clasp. The clasp simply won't close in this combination. It seems to me that OMEGA is trying to differentiate their product offerings by limiting certain functions to specific models.
2. The good news is the FOIS bracelet will fit 321 EW with zero issues. No need to change springbars, swap endlinks or make any other adjustments. The photos below show great endlink fit for both OEM 321 bracelet and FOIS bracelet. This is probably well expected by many and since the FOIS swing arms assembly is not sold separately, purchasing a full FOIS bracelet is the only way for 321 EW to have on-the-fly adjustability.