Without any special preparation my apple watch will last a full day of hiking while recording the GPS/heart rate/etc. (i.e. 5-7 hours hikes in the mountains.)
Cellular, on the other hand, can drain the watch relatively quickly. Mine lasts 2-3 hours when streaming music from the cloud and relaying to bluetooth headphones during a workout (i.e. when it can't piggy-back off the phone's cellular.)