But it's not, or everybody would be having the same problem.
I charged my AWU2 Thursday night, taking it off the charger at 11:00 pm before I went to bed. I wore it all night and woke up at 4:30 am on Friday and it was at 99%. I played golf, using the GPS for almost 4 hours, and was at 72% afterward. When I went to bed Friday night my watch was at 56%. I wore it all night and all day today (Saturday), did an indoor walk and just usual use (checking notifications, etc.), and it was still at 22% when I put it on the charger at 9:45 pm - two days after it was last charged.
Without the GPS usage on Friday, I could have easily gone a full 3 days between charges. I use AOD with the Modular Ultra face, cellular is activated but rarely turned on because I'm almost always in range of my phone. Display is set to full brightness and I don't ever use low power mode for anything at any time. I've noticed absolutely zero difference in battery life with 11.4.