Oxygen saturation is important. But oxygen saturation is not oxygen delivery.
A patient can have an SpO2 of 100% and still have inadequate oxygen delivery to tissues.
This is one of the most important principles in emergency and critical care physiology.
Oxygen delivery is determined by cardiac output and arterial oxygen content.
Arterial oxygen content is mostly determined by hemoglobin concentration and hemoglobin saturation. Dissolved oxygen contributes very little under normal conditions.