the watch only turns radios on if it needs them, starts with bluetooth, if it can't find that it turns on wifi, if it can't find that it turns on cell (assuming you don't have any of those disabled) So as long as your phone is close, or you're by a known wifi network the cell should never kick on.
If you're away from your phone all day, then you might start to have issues.
how long have you had the watch? it normally takes a bit for the battery to exercise when they're brand new, could also be the watch calibrating itself with the battery.
if it's under a week or 2, give it a few more days and see if it gets better.
also seems to have shorter battery life for a few days after OS upgrades, not sure if it's doing some organizing in the background, or calibrating the battery.
I've also got a 5 with cell, and similar to JJ, I'm normally about 20% at the end of the day. But I wear it all day and night, and normally charge in the evenings, so I can wear it to sleep. Took mine off charge at midnight last night, and now at 4pm it's at 68%, which I'm actually kinda surprised by. I always put it in theater mode overnight (done with automations in shortcuts at 11p and 8a). I do have "always on" turned off at the moment, but before I was getting about 36 hours out of it, so I just had to charge sometime during the day.
The current version of watchOS does seem to be worse about battery life than previous ones. Why I currently have always on turned off.