I don’t see any noticeable difference and that includes increasing the notifications I allow from Office 365.
The watch, my phone, and two Macs with the just released OS updates all seem fine.
We use Office 365 extensively meaning the collaboration tools, Teams, tasking, Planner etc.... Those latest updates don’t seem to be taking a toll on battery life either. Point being you can be more dependent on your Watch vs the phone in your work day.
Basically everything seems fine here.