It's very unlikely that any of the cheap devices which purport to measure BG via PPG (i.e. photoplethysmography - the flashing lights on the back of sports watches) actually do anything at all aside from guessing based on time of day.
PPG has been shown to work reliably for heart rate and blood oxygen level. Blood pressure is also possible (and there is a physiological reason to expect the waveform shape to change with blood pressure) and available on a few devices, but not many. BG is one where there isn't really a physiological reason to expect a particular change in the waveform shape, but still one might expect it to make some difference, the question is what, how detectable it is, and how repeatable it is across time for a given person and across a population.
There has also been quite a lot of research done in the past, and the "book" below is an interesting read regarding the attempts to date to achieve non-invasive BG measurement (not just using PPG):
https://www.nivglucose.com/The Pursuit of Noninvasive Glucose 9th Edition.pdf
There is still quite a bit of research in the PPG for BG space, however, given the lack of a commercially available and validated sensor to date, it's likely that the techniques investigated in the research papers which continue to come out are not sufficiently robust/applicable to the general populace. Here is e.g. one which has some nice illustrations of what they are trying to measure:
https://pmc.ncbi.nlm.nih.gov/articles/PMC10057625/
Many nowadays use neural nets, which make them very dependant on the sample populations and quantity of training and validation data, as well as making it very hard/impossible to determine quite what features of the waveform they are homing in on.
I do still live in hope that there might indeed be some facet of PPG waveforms that correlates well with BG on an individual basis (i.e. would need to be tuned/calibrated for an individual, rather than being generally applicable), but it remains to be seen.
I have purchased a bangle.js2 with which I can capture and process PPG data, it's now (just) a question of finding the time to do so as well as trawling through the vast set of literature to pull out techniques to try
🙂