So, you checked the Optimized Charging setting as I requested? Did you note that Updates automatically turn on Optimized Charging? If you haven’t checked it since the update, it’s likely on, unless you turned it off.
The Apple Watch has a tiny battery and that should come as no surprise. After a Watch OS update, the Watch and iPhone have a lot to do optimizing the new OS, syncing files and software, including third party software. These background processes consume a lot of processing power which subsequently consume a lot of daily battery capacity. Depending on the apps and data you have on the watches this can take a day or two to normalize and return to expected daily capacity.
Sometimes developers of third party apps haven’t optimized their apps yet for the new software or an app gets stuck in a loop trying to update. This is just something that happens and there is no way Apple can predict what third party apps will cause issues or have issues with an update.
To get your iPhone and Apple Watch back to normal once you’re experiencing longer than expected issues updating please do the following.
Unpair the devices
Force restart both devices
Re-pair the devices
Allow 48 to 72 hours for daily battery capacity to return to normal.
Unpair and erase your Apple Watch - Apple Support
Force restart iPhone - Apple Support
Force restart Apple Watch - Apple Support