Sort of, a little. There was a lot of excitement about wearables for medical sensing early on, but the enthusiasm died down a lot when it became apparent that you can't just collect sensor data from the person and turn that into something meaningful in terms of health. For example, one project I worked on was measuring stress using heart rate and heart rate variability. You can get a fairly good idea of a persons stress level from this. But some stress is normal, like when you give a presentation in front of a crowd or do complex math. So is high stress good or bad? It's both, it depends on the context. What a persons stress level means in any random situation is something that is not currently known. It would require measuring stress over a wide variation of situations, for various types of people, to understand what correlations exist. So the research has narrowed a lot. A researcher might do a study to see if increases in stress measurements that are uncorrelated with activity level are correlated with inattention while driving. That's one possible study out of billions. Most research is done by grad students and they want to do something with impact, so many of the more mundane experiments will never get done, unless some kind of national lab is formed to systematically carry them out. There is no such lab yet for wearable data that I know of (though a few have tried to get funding for one). The manufacturers of the wearables are still working on improving the accuracy of the data (it's tough to get reliable sensor readings on a moving, active person, and nothing holds to skin well). So improvements in sensor accuracy will help, and then a more systematic evaluation of what can be inferred from that data will become more common. Some of it is happening, but it's a big job that is going to take decades (unless we start training a lot more grad students. I feel like much of the population of the world is going to waste, just trying to survive, when they could be trained and doing research.)
Or maybe we can just feed tons of raw data from everyone into an AI and it will Give Us The Answers (TM). But places like Apple and Google have had data like this for a decade and don't seem to have come up with much yet. Most wearables can't even reliably tell when a person is sleeping (though some can, I've had good luck with the Samsung G5, and the Oura Ring works if your sleep times are regular. The Mi Band 7 is pretty hit or miss.)
Here are the web pages of a couple of researchers working in this area to give you an idea of what current research looks like:
https://destrin.tech.cornell.edu/
https://people.cs.umass.edu/~dganesan/
Look at the proceedings of the MobiSys, SenSys, Ubicomp conferences to see more current research. Some of it is showing up in medical journals as well, so try a PubMed search on "health AND wearables". Moving something from a research demo to a product that a billion people can use and that clinicians will trust is not easy. I believe wearables are finding a place in physical rehabilitation.