I've had tis issue since Feb 2024 (even though my Epix Gen 2 is musch olser). The watch records extra-ordinarily low heart rates during walks and cycling activity. Rendering all the great Garmin metrics useless, such as exercise load, as they depend on heart rate. I tried the Garmin Heart rate strap (with a new battery)... still the same problem. And it is intermittent. Some days it is fine and on other days it records way to low - at least 20 bpm below what it should be. I bought the Epix in 2022 and this was never an issue until beginning of feb 2024. This problem has rendered the expensive Epix and the great Garmin metrics, basically useless.
I have found a non-reliable way to somehow kick the low heart rate readings back into normal readings, by stopping and resuming the activity during the activity. But it only works sometimes and is not reliable at all. and this method does not always work and often leaves me with typically a 26 exercise load for a 28km cycling activity. Way to low.
See the heart rate chart inserted. I stopped and resumed the walking activity at around 22mins, and in this case the heart rate started giving the correct readings by jumping up a factor of about 20 bpm- so frustrating. According to this it really seems like it is a software problem that Garmin has to solve ASAP.