I got my AW Series 3 cellular back when WatchOS 4.01 was current (always wait for the first patch) and it has had every update since then. There has been no perceptible change in performance or battery usage in any of the updates, I still see 65-75% battery remaining every day by about 10pm when it goes on the charger until I hit bed, when it goes back on my wrist for another 23 hours. In other words something seems to be wrong around your watch. Maybe it is a stuck or incompatible app, maybe it is coincidence and one of the cells in your battery has now deteriorated enough for you to notice. Maybe you are just watching more closely after the update.
You don’t say which version of watch so a few broad ideas you can try. Start in number order,
1. Forced reboot to restart the watch and all the apps. Just press and hold both buttons until the Apple logo appears.
2. Unpair and re-pair, setting up to restore from the automatic backup.
3. As 2 but setup,as new, then add your apps one at a time. Check to see if one of them is dragging down the battery life before loading the next one.
4. Contact Apple Support And get the watch checked, particularly the battery.