I recently experienced the issue described in this thread. The battery on my Apple Watch Series 4, which usually has been lasting 30 to 36 hours on a single charge, went into Low Power Mode after about 9 hours. For the next few days this was about all I was getting - 9 or so hours. The only indication suggesting a problem was that my Apple Watch appeared to be constantly using the GPS.
The issue presented itself following a trip of more than 3-hours to the upstate. This fact, along with the pull by GPS eventually led me to look at Significant Locations. My trip to the upstate had added several locations unnecessary locations being listed in its history. I used the Clear History option and I am happy to report that the battery usage on my Series 4 appears back to normal after five days of normal use.
To access this history, use your linked iPhone and go to Settings | Locations Services. Scroll to the bottom of the list and select System Service | Significant Locations.
Again. I pressed Clear History, but I have since discovered that you can press the > icon beside a City and State, select Edit, and remove any location not needed. 