Hopefully this may help you decide which way to go.
I do have Fenix 5 for bike use (cadence/speed/power sensors) but still wear the AW4 SSB 44mm while out. It shares the TickR heart strap. Today, I'm currently at 51% battery after 3.5hrs usage and 21hrs standby. Use theatre mode at night so I don't accidentally turn on the screen.
During the day I use it to sort emails, and control Deezer on my iPhone that is streaming music to my AirPods. I also use the weather app quite a bit and weather pro along with Fantastical 2 for my calendar use. Today includes 105mins of GPS activity with Workoutdoors app. This evening, I'll stick it on charge for an hour between 9pm-10pm and its normally back to 100% at that point. Back on the wrist, rinse and repeat.
I have found the optical heart rate sensor to be significantly better than the one on the Fenix 5, that is very prone to sticking when it's faced with sudden changes in heart rate and if it's cold..... forget it. I've managed to get down to -4 wind chill with the AW4 while wearing a t-shirt and the optical sensor still match the Fenix that was attached to the heart rate strap.
I'd love it to have the battery life of the Fenix 5 but, the Fenix 5 cannot do have the things the AW4 can do. The Fenix is now retired to bike or rock climbing use and the AW4 is now my main watch. It doesn't record every second while not in an activity but to be fair, it's not really needed at that frequency. The raw data in the health app seems to vary from 2-3mins and up to 10 mins. Apparently the frequency will depend on how much you are moving. You can have it at every second if you open the heart rate app.
The two faces I use the most are Simple (+4 time zones) and Utility (Activity, 1x Time zone, Hear rate data). Battery life will be affected by what 3rd party apps you use.
Anyway, hope this is of some use.