WatchOS 8.7

To understand Apple Watch performance and its relation to your battery, see:

Apple Watch - Battery - Apple

Apple Watch Battery and Performance - Apple Support

“Battery life” is the amount of time your device runs before it needs to be recharged. “Battery lifespan” is the amount of time your battery lasts until it needs to be replaced. Maximize both and you’ll get the most out of your Apple devices, no matter which ones you own. See the "Tips for Apple Watch" section in:

Batteries - Maximizing Performance - Apple

If the battery drains too fast after an update, see all the replies to:

Battery Drain since watchos 7.4 - Apple Community

WatchOS 7.5 battery drain - Apple Community

FWIW, in some cases, unpairing the watch, completely erasing it, then pairing and restoring the backup will resolve the battery draining issue after an update. (Simply unpairing and pairing again may not work.)

Unpair and erase your Apple Watch - Apple Support

Also, some people have found that simply waiting a few days after an update resolves the battery draining problem.

I have been waiting for 2 weeks and the battery of my Apple Watch 6 still drains 3 times faster with 8.7 then it used to.

And the dumbest things of all :

Apple provides an update 8.7.1 for Apple Watch 3, and doesn’t bother fixing the batter draining problems that are reported on the other watch versions.