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Turning off cellular and the HRM should have a notable impact.

Never tried it though since I actually *want* both of those to be turned on when I'm out for a run.

Give it a try and see how much impact it makes for your environment. (Since power usage by the cellular system depends on how strong the cell signal is, individual results will vary)
 
I could have sworn there was an option to turn the always-on-display off during a workout, but keep everything else on (HR, etc). Now I can't find it.

Did I imagine it?
 
@Puonti - haven't seen it separately, always bundled. Honestly I doubt AOD is a substantial drain relative to things like cellular and constant-on HRM.

There is a separate WorkoutDoNotDisturb setting that automatically sets DND when you start a workout.

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