It never did this till after the recent update.
Have same issue and my watch battery is draining while charging when the watch gets hot. They need to fix this like yesterday.
Any Apple Watch from 3 and back can’t receive any update starting with iOS 9. It’s in their website. So basically that Apple way of saying the s3 is going to be obsolete soon.
I knew I wasn’t going crazy. The battery seems to drain faster after the update last night.
Turn off wifi it fixes the issue.