I've got a Series 4 watch and began experiencing massive battery drain since the latest OS update. Beginning around 12/14 or 12/15, my watch has gone from operating about 18 hours on a charge to about 2 hours before it's fully dead. I have tried deleting apps, restarting the watch & the phone, turning off the cellular, keeping it on power saver mode, etc. No success.
Yesterday, I spent an hr at the Apple store near me, as the tech ran diagnostics, confirmed the issue start point and that it wasn't just an older battery. We ended up unpairing and treating the watch as a new device, since that often can fix the problem. About 2 hours after the appointment, the watch was dead again.
Restarted today and dead by 10AM. Hopefully, there's a fix coming soon in OS 9.2.whatever, since it's not even worth wearing at this point.