I had the same problem after upgrading macOS to Big Sur for my MacBook Air 11".
My battery used to last for almost 7-8 hours but after upgrading to Big Sur it reduced to maximum of 2 hours.
However I found the solution to my problem, by following below steps.
Restarted mac, pressed Command+R to get the Mac Recovery Mode.
Selected the option of Reinstall macOS and reinstalled Big Sur again.
This took more than 4 hours to finish but after finishing the installation the battery life increased significantly. Now I was getting 5 hours of backup.
Afterwards I disabled all the spotlight options and added folders to search blocklist as well.

To further increase the battery life switch to dark mode. Doing all these has helped me to get the battery life close to 6-7 hours now.

After reinstalling the OS, I also noticed that now my fan is not turning on frequently and macbook is also not heating up as it was earlier.
I believe the upgrade OS is the problem. It's better to clean install the OS. All my files and applications were unharmed during the reinstallation. However I took the backup before reinstallation and it is recommended for everyone to backup data before reinstalling Big Sur.
Hope this helps others as well.