As many here I was affected by the constant battery drain of approx. 5% per hour and I think I found what was causing this for me.
When I checked the Watch App on my phone ==> General ==> About it showed that it synced 15 photos even though I have not selected any photos or albums to sync.
Opening the photos app on the watch confirmed that and showed that there are no photos on the watch.
I then selected an album with one picture to sync and the photo count went up to 16. Next I created a photo watch face and set it to dynamic and suddenly the watch showed random pictures that I never selected to sync. I searched for these photos on my iPhone and deleted them from there until the watch only showed 1 picture being synced, which was the one from the album. I then changed the watch face back from dynamic to album and left the face on the watch.
I did this on Tuesday. Yesterday, on Wednesday my watch was at 37% after wearing it without additional charging for almost 17 hours. Usually it would have been dead after 14 hours max. Today I took the watch off the charger at 7:30, at 8:41 it jumped to 99% where it would have been at 94% or even less before and now at 12:30 it is still at 87% which is 2.6%/hour.
I think the constant photo sync would be a good explanation for this issue as the watch would constantly download new pictured from the phone and would index them. In addition to that it would also explain why not everyone is affected by this since this would not apply to people having their photo sync configured to sync specific albums rather than the watch syncing random photos when nothing is selected for the photo sync. And it would also explain why resetting the watch doesn't help to fix this issue since the watch would start randomly syncing photos again after the reset.
Might be worth to check/try for others.