I noticed similar behavior out of the box, 20% drop overnight. Battery was lasting only about a day and a half, even with heart rate, blood O2, and enhanced sleep tracking turned OFF.
I did a factory reset of the watch from the watch system settings, then manually turned ON 24/7 heart rate, blood O2, and enhanced sleep tracking. Overnight drop was only about 6%, and battery seems like it will last 5-6 days now.
Maybe a stuck process - a reboot (instead of a reset) might have done the trick.