The FDA standard for blood oxygen sensing is within 6% absolute, 95% of the time.
So variability in the sensing is pretty normal, and you want to look at long-term trends rather than individual measurements.
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The problem with consumer health sensors is they have both high random error and inconsistent systematic error. When your SPO2 sensor gives you 92% one minute and 98% the next while you're sitting still and it is almost always 2% under, you're not getting "noisy but usable" data - you're getting garbage.
They should hide the live reading and give you daily / overnight insights.