A few more observations from my end:
I talked to Apple support on Friday morning and they did some remote diagnostics, including a battery usage report from where they could see that the app that mostly uses the battery on my watch is the Maps app. An app that I never use and I have all direction notifications disabled.
According to an Apple support document it should be possible to delete the maps app from the watch with WatchOS 9.4 or later but I can’t uninstall it on my watch.
I have reset my watch one more time on Friday evening. While doing so I noticed that the watch App on my phone shows more than 500MB documents and data. On my wife’s phone it only shows a few MB and she doesn’t have the battery drain issue. So I thought I delete the app from my phone, restart the phone and then download the app again to clear that only to find that it still shows the same amount of documents and data afterwards.
I still went ahead and set up the watch again and this time (probably did this 4 or 5 times already) on Watch OS 10.2 things seem to have gotten better. Today, Sunday morning I took it off the charger at 9:00am and now at 11:30am it is at 96%.
One more thing that is different after the reset now though is that I don’t see anyone who I am sharing my fitness rings with anymore on the watch. They still show up on my phone but not on the watch and they report that they still see me but without any data. It just shows all my rings as 0 for them.
My wife only shares her rings with me while I share it with 6 people in total.
wondering if the battery drain could be connected to the number of people you share your fitness rings with.