watchOS 10.1.1
Juli Clover (release notes, security, developer):
Today’s update addresses an issue that is causing some Apple Watch models to drain battery more quickly than expected. Complaints about Apple Watch battery started after the launch of watchOS 10.1, and Apple confirmed in a memo over the weekend that the battery problems would be fixed in a software release.
Previously:
Update (2023-11-22): I can confirm seeing really bad battery drain with watchOS 10.1 and that 10.1.1 seems to fix it.