That $8 pulse oximeter from aliexpress is better than nothing, but it’s a long way from what Masimo or Medtronic (Nellcor) sell.
And the prices for oximeters aren’t really affected by insurance, as individuals almost never get them at diagnostic grade. They’re durable, have screens that convey more than just a number, electrically isolated from the patient… there’s a lot going on there that is not, at first glance, obvious to the layman.
(I’m an anesthesiologist; pulse oximetry with a good waveform display is a critical monitor for us. I would rather have a good pulse ox than any other non-invasive monitor, if I could only have one.)