Pretty much. Apps I have unrestricted are gplay services, alarm, netgaurd, phone and messages. There are a few things in the optimized section (allow background activity) such as email, android auto, and my music player. Everything else is restricted.
My last full charge was Monday morning, some point on Wednesday I charged it from around 40% to 70%, and now on Friday afternoon its at 25%. This week has also been below average usage for me, due to vacation, with total screen time 4.5 hours.
There has definitely been a drop in battery life with Android 16, but we finally got small quick actions back, so I am happy.