Hi m_arch,IMO, it's not useful enough information. High O2 can be achieved by many different means, most of which are harmful.
Just go hyperventilate for a little bit and your O2 will go up. Doesn't mean you can use the O2, and O2 without hemoglobin is toxic as hell.
Your friend's explanation makes sense to me, but I don't think it's addressing the case people here are using the oximeter for. I think it's saying high O2 saturation does not demonstrate high CO2 or high metabolism. I think we are all seeing it that way in this thread.
But the question is, for someone who easily or habitually reaches high O2 (eg 99%), does lowered O2 saturation (eg 95%) reliably indicate increased CO2 and/or increased metabolism? Ie, is there a fairly consistent inverse relationship between O2 and CO2 levels in this context and range? (I imagine someone who has trouble getting oxygen into the blood in the first place would have to be considered differently.)