No, you must exclude the possibility that some third-party app is faulty first. I am a developer and I am sure you that some app causing ridiculous more power than it should. Unfortunately, there is no build-in method to let you know which app causing it. As Watch app in iPhone side only shows the duration and working time. However, if working time is almost the time as duration, there must be a faulty app or more.
If you are also a developer, you can connect your iPhone to your Mac. Using Xcode, you can read the logs, the system will log those apps who cause too much power. Then you can uninstall them.
I slightly disagree. There Has to be a process of elimination. Regardless, before you consider any third-party applications causing issues. First, I would conduct the battery diagnostic with Apple. Followed by determining how old is the watch and approximate usage it see's daily. If the Apple Watch is over two years and is used between 12 to 18 hours a day, it's likely nearing its battery life replacement as is. There are third-party applications that can be problematic, but you still have to factor the first steps before you eliminate any applications. Mainly narrowing what is contributing to the problem.