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Smartwatches are poor estimators of energy expenditure of exercise: https://www.strongerbyscience.com/research-spotlight-wearabl...

The same authors publish regular research reviews on nutrition and health at https://massresearchreview.com/; the general conclusion remains that exercise is a poor intervention for the purpose of weight loss is true. But estimating the effects of exercise is incredibly difficult, it varies wildly and is subject to many confounders.