I'm having exactly the same problem.
Usually i get at least 2 full days of use with at least 2 sports session each day, with streaming working from the watch connected to my airpods.
Since the update 2 days ago, it is lasting 1 morning, or less than 12 hours.
I have contacted the support and they performed a test ... the hardware is perfect, no problem with the battery itself.
They didn't say it is related to the update, but it is pretty clear to me.
They recommended a few processes like the reset mentioned above and the battery calibration: letting the battery drain out completely to then recharge to a 100%.
I don't think this will make any difference. This is clearly a software problem coming from the new OS