No, because the studies that establish the levels correlated with cognitive changes use ambient CO2 levels. Not with a stream of air directed, maybe, from your nose to your wrist.
It is not possible to come up with a different baseline for wrist-worn monitors because the measurements could change significantly based on even small factors like the position of the wrist or smartphone.
Presumably after a month or so of being worn during the day and taken off at night (when the breathing doesn't apply -- and the device knows this), the device could deduce what the influence of the wearer is.
That makes sense to me. There's a causal link between ambient air CO2 levels and cognitive changes, but the air in front of your face, which you breathe, doesn't play a role...
A lack of direct study might make "in front of your face" numbers harder to interpret in absolutes, but relatively speaking I do think that's the number which matters more. Whole-room analysis is just a proxy for the air in front of your face.