Yeah. I noticed the same during an activity and even just out walking/hiking. At times I’d be working pretty hard and the watch was still stuck on a low HR. So, on a bunch of rides I recorded both my watch HR one one Edge and a chest strap on another. During the ride I could see significant differences and lags in the watch data. However, comparing the two HR traces after the rides, I didn’t see significant differences. Also, max and avg HRs were the same. I concluded that it’s OK to use the watch for recorded data, but not so good to use it in real time for gauging zones etc..
I wear the watch using the rubber strap adjusted so that moving the watch moves the skin below it, as suggested in the manual. For rides, I tighten the rubber strap an additional two notches which I think helps with the shaking on the bars.
I’ve never put a point on it myself, but I think underreading watch optical sensors are common. I’ve definitely seen it a lot. For my TT last Thursday the strap/H10 recorded 188bpm but the watch recorded a max of 143bpm that day! I’m 50 now fwiw.