I ACTUALLY found a fix (that worked for me at least 🤷🏼‍♂️)

1. Reset Ultra watch (but keep the cellular settings)
2. Reconnect watch after reset
3. Notice no change
4. Resurrect the Series 5 watch
5. Unpair Ultra watch from settings
6. Reset watch

Realistically I know it was the unpairing AND the reset (I’d also gotten rid of Mobyface app but the unpairing and reset that did it and not the resurrection of the Series 5)

I tried the restart.

It didn’t resolve the issue.

I go to bed last night with it fully charged and woke to my Ultra at 50%.

The kicker is its discharging at a faster rate than it charges.

I’ve resorted to resurrecting my Series 5 until Apple puts out a fix for this.