Does the Find My app show the last location of a list Apple Watch before the battery died or where it's current location is?

Lost my watch last night and the battery was very low. The Find My app shows it at the store where I went last night. It was not found/turned in and I have searched the parking lot.

I'm wondering, though - is the Find My app just showing me where the watch was last before it died? Or showing me where it is located EVEN THOUGH it is dead?

Thanks

Danielle