Haven’t tested; don’t need to.
The Ultra will take a dozen or so measurements overnight, and then a few more during the day. And it only uses 2% or so total battery overnight for all of its sleep analysis. (That is, go to bed with 85% battery, wake up with 83% battery, everything turned on, including SPO2.)
You have to hold still and have the face pointing up in order to get a measurement. It’s not going to give you any measurements during a workout.
So, since you’ve already got the watch, go ahead and turn it on and leave it on.
I haven’t compared directly to a fingertip doohickey, but the ranges it reports are consistent with what I expect to see at the doctor’s office as well as what I saw when paid attention at home in the early days of the pandemic.
I’m not sure how the number would change your training routine, unless your routine incorporates some complicated altitude adjustments. In practice, it’s going to be far more useful for far more people if it shows a sudden decrease, especially to worrisome levels. As in, “better get to the doctor right away, because you’re having trouble breathing (even if you don’t feel it).” And, of course, I’m sure there are those with chronic conditions who need to pay particularly close attention — but that’s above our pay grade.
b&