But this started already on my watch 4, under OS 7-something, which had no continuous monitoring of blood oxygen (and the model doesn't have this feature). Also the battery was in pretty good shape for a 3-year old watch (I'm trying to remember, but at the Apple Store it was ruled out from the beginning). I made no changes to what was monitored before it started. To make sure, I even deleted all gym apps to really rule out their interference and I didn't even install them back.
Also, it doesn't explain why the problem migrated to the NEW watch 7 (factory reseted, not restored from back up), with shiny new battery. Even worse, why only 2 days ago if I've had the watch for over a month now?
I basically have what I've had since ages: regular heartbeat, detect when I'm doing a workout if I forget to start one, GPS. All these things worked perfectly fine on the old watch series 4 until mid-2021. Batteries don't go kaputt overnight.
Anyway, I've set up the newly restored watch (again) to reduce a lot of battery consumption, even if it means reducing things I never had to and it's already down to 92% after a full charge 4:30h ago. That's not how it worked until a few days ago.