If anything, the update to Watch 11.0.1 made the battery drain on my AW 9 even worse. The update also added a few new problems (My watch repeatedly asked for permission to allow access to Location for Weather and other Apps, and the Watch face I use, Infograph, "lost" the Weather and Music Complications, which then dropped out of the list of available Apps so that I couldn't replace them).
In another thread Ingo2711 suggested that I unpair and then repair my watch. I did so last evening, and am happy to report that my watch seems not to be draining its battery and the missing Weather and Music Apps have returned, been added to my Watch and my watch has only asked for permission to access my Location once today. While I'll keep an eye on things, 24 hours after unpairing and repairing my AW 9, all seems well and back to normal under Watch OS 11.0.1.