I use a smartphone app called ithlete and check my HRV first thing every morning and have done for years. I find it a good back-up for more subjective measurements – ie: how I feel / training load / etc – and useful for occasionally pre-empting illness etc. It has a simple red / green / orange traffic light system, but also more detailed stuff.
What’s arguably more useful / important, is tracking HRV trends over time and correlating them with other factors like training load, sleep, diet, overall stress, muscle aches etc rather than just seeing it as a stop/go thing.
Mostly I find it pretty good in both the long and short term. If it says I’m overdoing it – ie: low HRV red or amber day – it’s generally correct. Similarly, I’ve had days when I don’t feel great, but the app tells me I’m okay, and it’s turned out that it’s correct.
Personally I find it really useful for curbing enthusiasm on days when I really need to and a good broad guide to how things are overall. It’s also quite handy for illustrating how much non-exercise stress impacts you. Some of it’s a no-brainer, sleep and alcohol consumption have the biggest impact for me along with illness – you don’t really need HRV to tell you that – but sometimes it gives you a tangible reason to back off when otherwise you might not and, in turn, potentially ride yourself into a hole.
Ideally what you’re looking for is a rising HRV accompanied by decreasing RHR – on a graph the lines diverge progressively – though obviously you’re always going to have hiccups. But anyway, yes, I do use HRV and find it useful, though not from a wearable device.