Does LifeWatch Generation 2 measure SpO2 automatically?

No, the measurement must be done manually, activating it from the Health section of the Watch and placing the index finger on the side sensor of the Watch (Red Sensor).

Important: the index finger should be clean and dry, as otherwise, as it may affect the accuracy of the measurement.
To learn more:

Please refer to How to calibrate LifeWatch Generation2 the first time you use it? To learn how to calibrate the device correctly.

Does Watch Generation 2 perform the Blood Pressure measurement automatically?