Just to follow up on my own post here, I didn’t try this as what I did was to uninstall all 3rd party apps and that workaround had stopped the drain for me. So I didn’t bother with turning the Wi-Fi off option.

I read in another forum that turning off Wi-Fi will stop the battery drain. Mine is completely dead at the moment, so I cannot try it right now. I wonder if anyone else has found this to be the case?

Pairing again as a new watch instead of restoring from a backup resolved the issue for you? Hmm… Please keep us posted if the problem returns. I wonder if anyone else has tried this and if it worked for them as well?