I have noticed that since the update to 8.11 my heart rate seems to be recording much lower on Cardio sessions. Prior to the update my average HR was about 110-120 for a 15 minute core workout with the max about 145-155, but since the update the average HR has been 91-97 with a max of 114-123. I have just tried a 5 minute punch-bag session with my old Forerunner 235 on the opposite wrist in 'other' activity mode and this showed a difference of at least 20pbm to the Venu 2.
I would note that my HR for running seems to be recording OK, and no noticeable difference to how it was prior to the update.