Not quite. According to the
Mayo Clinic, values under 90 are considered low. You should
see a doctor mostly based on your symptoms, such as shortness of breath, but right now many hospital systems are above peak capacity, so if you are concerned about your spO2 but feel fine, please try to talk to a doctor or nurse on the phone first. Even before COVID-19, many health insurance providers offered "ask a nurse" services, and many doctors and health systems are now offering telemedicine.
We hospitalize children if pulse ox is less than 92%, and try to use therapies to maintain pulse 92% or above. If you wait until the pulse ox is below 90% consistently, you could be in serious trouble. Remember that your care will not be instantaneous when you arrive at the hospital, so you want to give yourself a safety cushion. The main thing is to call your doctor or the ER first; they don't want anyone walking into the ER waiting room with COVID-19.
Oxygen saturation is a reflection of the entire pathway of the oxygen absorption. What our body uses is dissolved oxygen, expressed as pO2, or partial pressure of oxygen. A healthy person breathing room air at sea level will have a pO2 of about 100 mmHg, and their arterial hemoglobin will be near 100% saturated. When the oxygen saturation falls below 88-90%, this represents a precipitous fall in the partial pressure of oxygen, which is what we our tissues use. The 92% cutoff gives us a window of safety. It is much easier to measure oxygen saturation than pO2. We used pO2 and pCO2 probes in the late 1980s, but they tended to slightly burn the skin, a huge problem in premature babies.
There are many things that can cause falsely low pulse oximetry reading, but common ones are poor positioning of the probe and poor perfusion (shock, or a cold finger, for example). If the pulse is not accurately detected, the probe will read low. Only two things cause falsely high readings: Sickle cell disease in a sickle crisis, and carbon monoxide poisoning. So to take a good reading, don't move around, hold your breath, or test cold fingers.
If you want to see what this curve looks like, google oxygen saturation curve. Also, I found an article suggesting that the Samsung phone pulse oximetry technology is fairly accurate for home use. If you feel absolutely fine there isn't much use for pulse oximetry. But symptoms and pulse oximetry together, even if slightly inaccurate, provide a good combination of information for the docs as well as yourself.
https://www.ncbi.nlm.nih.gov/pubmed/29215972