I also have this issue, my Watch Series 7 is less than a month old, on WatchOS 8 I got an average of around 28hrs battery life while using the watch for things like working out for an hour a day, regular notifications, and directions on maps. Since updating to WatchOS 9 my battery now drains from 100% to 29% in just over 3 hours and the watch gets very hot on my wrist. I have tried things like disabling background app refresh, turning off the always-on display, unpairing and pairing again, and a forced reboot, nothing helps. This watch is less than a month old and I have always charged it with the official apple charger. Previous to updating to watchOS 9, I had background app refresh on, always-on display on, cellular and wifi on, etc and was still getting the 28hrs on watchOS 8. It seems there may be a bug in the watchOS 9.0 firmware that's causing issues with the battery.
My main concern at this point is that the extra heat being generated is doing permanent damage to my battery on my watch.