Good News! It has been a while since I've been able to get out for a proper run to test out the latest firmware. The ANT/BT/BLE 5.04 update has solved all of my connection and dropout issues I was running into previously. My phone stays connected to my watch all day long and syncs straight away after opening Garmin Connect. None of my connected sensors drop out 2-3 mins into an activity. All in all, I'm stoked to see this resolved.