Pre 9.3 my Ultra lived happily between 85% and 30%. This included 1 training set daily (with GPS) of between 60 and 90 minutes daily (I sometimes used headphones as well for a podcast). I wear the watch for sleep tracking as well. I was never worried and tested the watch for a 36 hour stretch (battery went down to 24% from around 80% also included the mentioned training and headphones test).
I usually charge the watch when I have a shower to about 80-85%.
I updated my watch to WatchOS 9.3 yesterday and, post update, the battery was at 78%. When I woke up this morning the watch was down to 5%. Fully recharged the watch to 100% and in 1.5 hours the watch dropped by 3%. this is while sitting at my desk, so no training session or headphone use. I bought the Ultra as the watch 7 and 8 battery life wasn't that great and now this.