In the end though- it's still a bit of fungal extract painted onto an electrode, and an ADC that reads the value every so often. Like any other glucose monitor.
I've personally found my CGM to be really useful in understanding the effect of diet, sleep, stress, etc. on my blood glucose, like the OP says, but you definitely get some weird readings sometimes. Yesterday a new unit told me that my blood glucose dropped below 70 for 2 hours. It definitely didn't! After a while it got itself straightened out in time to scold me for eating some corn chips.
With the CGM there is also an additional delay of about 15 minutes in the measurements. Mostly you want to be triggered when something strange happens and then you do a manual measurement to confirm.
A false alarm of low blood sugar is annoying, but it is a lot better than collapsing. You can relax a lot more if you know you will get an alarm.