If the soloist is playing with an amateur/community group they will need to watch the conductor because the conductor can't rely on an amateur group always following the beat. If it is a professional group the conductor will follow the soloist and the soloist does not need to watch the conductor.
Do people watch the conductor?
Orchestral musicians may look directly at a conductor if they are looking for a cue they know the conductor plans to provide, but usually only if they find it helpful. Most members can also see the conductor's gesticulations in their peripheral vision even when they aren't looking directly at him or her.
What is the role of a soloist?
A soloist is an individual musician that is being featured in some way. Like a guitar solo in a rock song, the soloist might be heard over the rest of the orchestra for a brief solo while the rest of the “band” stays out of the way and supports the soloist.