While I gave my I2 watch to my son, I can attest that the battery figures are correct because I’m the one who charges his watch. Both watches are off in terms of HR/health features, no phone connection, no activities. No flashlight used on the I3 (for testing purposes). Settings exactly the same.
Even though the I3 has an error in terms of the battery estimate being backwards (like the F7 series STILL has an issue with), it’s still perplexing a new watch doesn’t even come close to its previous generation. Both watches at 45mm are estimated to have 28 days in “smartwatch mode” on Garmin’s site.