Settings>Location>Google Location Accuracy>Improve Location Accuracy - TURN THIS OFF LOCATION WILL STILL WORK WITHOUT THIS. It seems to be updating location too often causing massive battery drain of the watch in less than an hour. Screenshot of what to turn off attached.
Try it then let me know if it works for you I've literally suffered an entire month in watch only mode finally this fix worked for me. Even with sensors on all the time and network set to auto, data set to on.