Each sensor window contains one set of LEDs and photodiodes; a pair of sensors use green visible light LEDs with matching photodiodes, the other pair uses infra-red LEDs.
Your skin and flesh is too opaque for light from one sensor window to make it to another. These are extremely faint LEDs; a stamp-sized battery runs the entire watch in fitness mode for over six hours.
While HR reading is the primary usage of that sensor, it has a few other use cases.
For example, the sensor is responsible for determining if the Watch is in use to prevent notifications from firing when it's not on you.
But as far as any extended functionality, that's about it. Just use cases for a sensor that acknowledges your presence and gives metrics on your heart.