Hi here, I have been encountering the exact same problem for 2 weeks but have finally found a way that stops the battery drain for me.
I'm using Apple Watch Ultra but started encountering a serious battery drain issue starting from last week, battery evaporates at a 10% hourly rate on idle state even when my low power mode is on. Some solutions would suggest repairing or factory reset, but none of those actually worked for me. I had to use my AppleCare for an exchange, but the second watch suffers from the same nightmare.
After reading: apple.com/uk/batteries/maximizing-performance/
Disabling Bluetooth on your iPhone increases the battery drain on your Apple Watch. For more power-efficient communication between the devices, keep Bluetooth enabled on iPhone.
I noticed that as long as I keep the bluetooth of my iPhone on, the battery situation will be normal. (now at ~1% per hour instead of 10%)
Personally I feel that there is a problem with WatchOS 9.1 when dealing with the no-bluetooth situation, but I'd suggest to give this a try if you are suffering from the same issue & also have a habit to keep the iPhone bluetooth disabled.
Hope this helps somebody.