I've been trying to troubleshoot this myself. I saw dramatic battery drain after buying and pairing with a new iPhone 7. Given that the high drain rate continues with the watch in airplane more, it doesn't seem like it is attributable to the iPhone, although it could be that the iPhone 7 somehow effects watchOS install.
But, here's a data point for the forum: i start off the day with a morning walk that I track with a workout. The high drain rate (~10-12%/hour) continues after I end the workout. I then tried simply taking the watch off and put it back on (entering the lock code) and it seems that the high drain rate is much abated (now about 3%/hour).
Since I've turned off all third party apps and complications, I am suspecting the workout app as the culprit. It makes sense, because that app uses the HRM, probably a big power user. Maybe someone at Apple can get this info to an engineer?
I'm not sure how to resolve it without a watchOS update. Maybe the 3.1 update will solve this. It could also be that I have a year and a half of workouts in the workout app, and it is burning a lot of CPU sorting it.