This is a bit of a long-winded response, but I may have figured out a solution to this based on talking to someone who used to work for Apple.
I November, I noticed a similar issue with my watch, with the device shutting down at 20%, but then later shutting down at 50% if I kept the watch on the charger past 100% for a long period of time. The only thing I could think of was that being a beta tester on the new iOS software had broken something, but that should have been caught by someone else.
After months of working with Apple, including sending in the device and no issue being discovered (they even replaced an 11 month old Apple Watch 4 with a Series 5), I mentioned the issue to someonewho used to be a Senior Advisor. His advice: Back up everything to iCloud and reset the phone. At this point, everything would need to be synced from iCloud, and I would need to download my apps again. The idea is that there is a corruption somewhere in the phone's software that is causing this (it makes sense, as the new watch did not have an issue until a few days in).
Other than my watch battery "dropping" sixty percent during the first night (which I suspect was a correction on the software's part), the battery issue was resolved within a day.
Unfortunately, I have started having the 20% issue again after almost three weeks, where it is charging at 1% a minute, so I am going to try resetting it again and see what happens.