Turns out that the watch sends speed data over the ANT+ channel (twice a second) to the Running Dynamics (RD) device so it is able to calculate Vertical Ratio.
If obtaining the absolute maximum battery life is important the last thing you want is your watch transmitting twice a second, even if it is only a low power ANT+ message. So it is either no HR at all or get an ANT+ (not BLE as that is bidirectional as well) HR only strap.
If you are interested in the technical detail head over to the ANT Alliance website ( https://www.thisisant.com/ ), sign up for free as an 'adoptor' and download the Running Dynamics device profile.