Deciding whether to remove the Blood Oxygen app on the Apple Watch.
Would it be okay to remove it without losing the VO2 max estimate?
VO2 Max, or "Cardio Fitness," does not require the Blood Oxygen sensor or app.
Evidence for this can be found in the support document that notes all watches Series 3 and later support VO2 max. The Blood Oxygen sensor & app require Series 6 and later.
Apple Watch Series 3 or later can record an estimate of your VO2 max using the heart and motion sensors during an outdoor walk, run, or hike. It can also estimate your VO2 max if you start an outdoor walk, run, or hike in the Workout app. Apple Watch supports a VO2 max range of 14-65 mL/kg/min that is validated for users 20 years or older.
Source: Track your cardio fitness levels
Update your Apple Watch Series 6, or Series 7, Series 8, or Ultra to the latest version of watchOS.*