I can't answer that for a fact but it seems to on my watch. My first day on my watch the battery was terrible. then the next two days it was great. Now today it was terrible. Haven't figured out why yet but it definitely seems like the rise hand drains it faster.
I had to change to Tap to Wake because I would end the day at less than 30%. I noticed that when I drive, the way I grasp the wheel and the wrist flexes it would wake constantly. Tonight, after having it on all day, I placed it on the charger at 63%.
I've had rise to wake on since I got my watch in April and have only run out of battery once. And I think that was due to a watchOS 2 bug. Battery life on the Apple watch is one area of performance that I'm actually very happy with.
Never ran below 15% and always use raise to wake. I did notice it ran down faster when I drove all day, probably because of the arm motions associated with driving activating it unintentionally and often.
I always use the raise to wake also. I even increased the screen on time when you tap. I am a pretty heavy users too. I most always get to 40 to 45 percent. That's from 7am when it comes off the chargers until about 11pm.