YES. I upgraded my phone to IOS 11.1 and WatchOS 4.1 when they came out on Tuesday. I didn't notice any issue then.
I paired my Watch with my new iPhone X on Friday afternoon. I used a restore from iTunes to set up the phone. SInce then, my watch's battery is abysmal.
Yesterday evening I went for a run and didn't think of topping the battery. It died right as I came back home (and I came home earlier than scheduled, I cut my cool down).
I though maybe it was user error. But today... I put the watch on around 8am, fully charged. It's now 2:30pm and the battery is 28%. I went for a walk that I recorded through the workout app (12 minutes!), listening to music through the watch during that time, got a couple of texts and responded to one (but I had my phone with me so it didn't use LTE), and another walk that I didn't record but it was partially counted in my exercise ring. That's all I did. A few days ago, the watch would have shrugged that off and lost a few %.
Note that yesterday, I went over the app list in My Watch app - upon restore, every single app on my phone installed on the Watch. I uninstalled a bunch of them, hoping that would help the battery. It clearly did not.