Although Travis has pointed out that perhaps onHide is not even called on a 920 for example, and may only be called in the simulator.
And even if you don't have battery concerns, it will still be better to do the "expensive" stuff only as often as really needed.
I would presume that it's not a bug, rather that they have changed the behavior. My reasoning being that a new watchFace project in Eclipse doesn't have the onHide function included by default.
I see the onUpdate() calls in the log, but no onHide() calls at all. I wonder if this is a bug?