Does hyperventilation affect spo2 readings

Answer 1

It shouldn't.

It is helpful to think of ventilation and oxygenation as separate processes.

Ventilation (affected by respiratory rate and tidal volume) primarily affects carbon dioxide exchange, so hyperventilation will cause you to blow off more CO2 and therefore drop your partial pressure of carbon dioxide in the blood, resulting in a respiratory alkalosis.

Oxygenation, on the other hand, is affected primarily by oxygen concerntration in the inspired air and pressure in the airways. Hyperventilation should not affect either, and so it should not affect your oxygen level.