There is a clear bug in Training Effect calculation. If you disconnect you HR monitor during activity (in my case battery drain) and if last HR reading was very high, then watch would assume till the end of this activity you have the same high HR reading and will calculate Training Effect based on this high HR.
Here is an example of activity. After my HR battery drain, I have been looking at TE increase on the watch itself in the last four hours of my run; you may also notice very low time in Z4 and Z5. Internal OHR was turned off during this activity https://connect.garmin.com/modern/activity/4529303506
One can easily reproduce this bug - start activity, get high HR reading from external HR (run fast), disconnect external HR, look at the TE datafiled on the watch while activity still not ended.