from lxml import etree
tree = etree.parse("cycling.xml")
root = tree.getroot()

for watt in root.iter():
    if watt.tag == "Watts":
        watt.text = "strong"

tree.write("output.xml")

<TrainingCenterDatabase xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.garmin.com/xmlschemas/TrainingCenterDatabase/v2">
  <Activities>
    <Activity Sport="Biking">
      <Id>2018-05-06T20:49:56Z</Id>
      <Lap StartTime="2018-05-06T20:49:56Z">
        <TotalTimeSeconds>2495.363</TotalTimeSeconds>
        <DistanceMeters>15345</DistanceMeters>
        <MaximumSpeed>18.4</MaximumSpeed>
        <Calories>0</Calories>
        <Intensity>Active</Intensity>
        <TriggerMethod>Manual</TriggerMethod>
        <Track>
          <Trackpoint>
            <Time>2018-05-06T20:49:56Z</Time>
            <Position>
              <LatitudeDegrees>49.319297</LatitudeDegrees>
              <LongitudeDegrees>-123.024128</LongitudeDegrees>
            </Position>
            <HeartRateBpm>
              <Value>99</Value>
            </HeartRateBpm>
            <Extensions>
              <TPX xmlns="http://www.garmin.com/xmlschemas/ActivityExtension/v2">
                <Watts>0</Watts>
                <Speed>2</Speed>
              </TPX>
            </Extensions>
          </Trackpoint>

for watt in root.iter():
    if watt.tag != "Watts":
        watt.text = "strong"

xmlns="http://www.garmin.com/xmlschemas/TrainingCenterDatabase/v2">strong<Activities>strong<Activity Sport="Biking">strong<Id>strong</Id>
      <Lap StartTime="2018-05-06T20:49:56Z">strong<TotalTimeSeconds>strong</TotalTimeSeconds>
        <DistanceMeters>strong</DistanceMeters>
        <MaximumSpeed>strong</MaximumSpeed>
        <Calories>strong</Calories>
        <Intensity>strong</Intensity>
        <TriggerMethod>strong</TriggerMethod>
        <Track>strong<Trackpoint>strong<Time>strong</Time>
            <Position>strong<LatitudeDegrees>strong</LatitudeDegrees>
              <LongitudeDegrees>strong</LongitudeDegrees>
            </Position>
            <HeartRateBpm>strong<Value>strong</Value>
            </HeartRateBpm>
            <Extensions>strong<TPX xmlns="http://www.garmin.com/xmlschemas/ActivityExtension/v2">strong<Watts>strong</Watts>
                <Speed>strong</Speed>
              </TPX>
            </Extensions>
          </Trackpoint>
          <Trackpoint>strong<Time>strong</Time>
            <Position>strong<LatitudeDegrees>strong</LatitudeDegrees>
              <LongitudeDegrees>strong</LongitudeDegrees>
            </Position>
            <AltitudeMeters>strong</AltitudeMeters>
            <HeartRateBpm>strong<Value>strong</Value>
            </HeartRateBpm>
            <Extensions>strong<TPX xmlns="http://www.garmin.com/xmlschemas/ActivityExtension/v2">strong<Watts>strong</Watts>
                <Speed>strong</Speed>
              </TPX>
            </Extensions>
          </Trackpoint>