Apple Watch Bluetooth drops, Workout Zone Voice Alerts fail with AirPods.

Device Setup:

Apple Watch Series 11 running watchOS 26.6 (23U67)

iPhone 15 Pro running iOS 26.6

AirPods Pro Gen3 running firmware 8B41

Favero Assioma PRO RL power meter pedals

Issue Description:

I stopped hearing Workout Zone Voice Alerts while cycling via my AirPods. During workouts, my Apple Watch Series 11 consistently drops its Bluetooth connection to both my iPhone 15 Pro (no phone connection icon) and the power meter pedals (I see 0 power on the watch).

Watch-Phone connection is fixed when I open the companion app on the phone, but Zone notifications still not going through.

Isolation and Key Discovery:

After testing without the AirPods Pro Gen3 active or streaming audio from the iPhone 15 Pro during a workout, power meter readings are coming through as normal. The connection between the Apple Watch, iPhone, and Favero Assioma PRO RL pedals remained completely stable, it seems.

Restarting phone and watch do not seem to fix the issue, while the pedals can only support one bluetooth connection at a time, so it is unlikely they are causing issues. They also instantly connect after waking up to the watch.

Anyone else with a similar issue?