The meter is reading your SPO2 from the color of your blood at the end of your finger, about 3' from your heart. Because of the tremendous surface area of the arteries, arterioles and capillaries that the blood must transit from your lungs and heart, then to your fingertip, any real changes in SPO2 are absolutely not going to manifest themselves as sharp spikes like that.
As an experiment, hold your breath sometime and watch how long it takes your SPO2 to be affected. Or wrap a rubber band around the base of your finger to stop the arterial blood from flowing into it. The recorded SPO2 will decline very slowly.
Below is what real desaturations look like. they're deep and prolonged. Left side is my initial study, right side is during my titration study. Sleep doc says anything above 90% is Ok, 95% and above is better.
