Didn't fix it for me. I have let it drain completely as it won't last a full day (8 hours), and I don't have chargers handy during the day for the watch, so by default, I have done this for a lot these past few weeks. When I get it completely recharged, it drains as usually. 8-12% battery drain every hour.
All this started happening right after watchOS 5.3 install. Before, I could charge it, wear it for 1.5 days with no issues.
iPhone Xs 256gb iOS 12.4.1. Apple Watch Series 3 42mm Black Stainless Steel (cellular not activated) watchOS 5.3.1.
Tried resetting watch, tried resetting phone. Unpaired watch and started up watch as new watch and not as backup. Nothing worked. Genius bar 2 hours away and not convenient option.