Sir, the oximeter probe has two light-emitting diodes (LEDs), one red and one infrared, located on one side of the probe. During measurement, infrared light is absorbed by the oxyhaemoglobin; red light by the reduced haemoglobin. Pulsatile arterial blood during systole causes an influx of oxyhaemoglobin to the tissue, absorbing more infrared light, and allowing less light to reach the photodetector. The oxygen saturation of the blood determines the degree of light absorption. The result is processed into a digital display of oxygen saturation on the oximeter screen, which is symbolised as SpO2 (Jevon, 2000).
Thus, if we use these wireless battery driven devices, the manufacturer always mentions the instrument errors ±5% as an uninterrupted supply is essential especially for the photodetector and related components to provide suitable reading.
You may see SpO2 level will differ for smart-watches & Pulse-oximeter of various brands in present market.
We can get an idea of the oxygen saturation from these wireless battery operated SpO2 measurement devices but it's not a clear indication.
N.B. Sir, you may also find erroneous reading if SpO2 is measured at different posture for human being.
You can find more at: https://www.nursingtimes.net/clinical-archive/assessment-skills/the-correct-use-of-pulse-oximetry-in-measuring-oxygen-status-01-03-2002/